Intro to Economics
This field studies how people use limited resources to satisfy unlimited wants.
Economics
Congress and the President must work together to pass this every year by Oct 1.
The Federal Budget
This term refers to a country's ability to produce a good at a lower opportunity cost than another country.
Comparative advantage
Pay before deductions is called gross pay. After deductions, it is known as this.
Net pay
This three-digit number represents your financial trustworthiness to lenders.
Credit score
These four resources—land, labor, capital, and entrepreneurship—are known by this term
Factors of production
When this organization raises interest rates, borrowing becomes more expensive and spending slows.
The Federal Reserve (the Fed)
A tax placed on imported goods is called this.
Tariff
This form tells your employer how much tax to withhold from your paycheck.
W-4
Of the five factors that impact your credit score, this has the biggest impact
Payment History (paying bills on time)
A factory used to produce goods is an example of this factor of production.
Capital
Government taxing and spending is known as this type of economic policy.
Fiscal policy
This trade policy aims to protect domestic industries by limiting foreign competition.
Protectionism
The fixed amount you pay for insurance each month is called this.
Premium
This term refers to the percentage of your credit limit that you are using–ideally you want to keep it below 30%.
Credit utilization
A person who takes financial risks to start a business is an example of this factor of production.
Entrepreneur
The Fed’s job is to keep these two things stable: prices and what else?
Unemployment Rate
The U.S., Canada, and Mexico formed this trade agreement in the 1990s (now called USMCA)
NAFTA
This is the amount you must pay out of pocket before your insurance begins covering costs.
Deductible
This nonprofit alternative to a bank typically offers customers better interest rates and lower fees.
credit union
This economic system features government ownership and control of resources.
Command economy
This federal agency protects consumers from unfair business practices such as deceptive advertising.
FTC (Federal Trade Commission)
The growing interconnectedness of countries that affects producers and consumers is known as this.
Globalization
This retirement account helps employees save for the future. Many employers offer employer matching funds up to a percent.
401(k)
This strategy reduces risk by spreading your money across different investments instead of putting it all in one place.
diversification