Unit 1
What is scarcity?
What is the driving force of economics or when demand exceeds supply?
What are the parts to the business cycle?
trough, peak, expansion, contraction
What is the national debt?
33 trillion
What trade does the US participate in (in terms of imports and exports)?
Imports>Exports=Trade Deficit
Who was the Father of Capitalism?
Adam Smith
What are the 4 factors of production/
What is land, labor, capital, entrepreneurs?
What is GDP?
The total monetary or market value of all the finished goods and services produced within a country's borders
What is mandatory spending?
Direct spending mandated by existing laws and must be allocated each year (doesn't need annual approval?
What trade agreement replaced NAFTA?
USMCA
How many Federal Reserve Banks are there?
12 Federal Reserve Banks
Who wrote the Communist Manifesto?
Who is Karl Marx?
What is monetary
A set of actions to control a nation's overall money supply and achieve economic growth.
What are examples of public goods and services provided by the government?
National Defense, Security, Fire Services, Infrastructure, Education, Environmental Services
What is outsourcing?
When businesses practice hiring workers or companies outside of ones own business to perform services or create goods
Does the US have a recessive tax?
What is a price ceiling?
What is the maximum legal prices?
What are the federal reserve banks responsibilities?
Supervising and examining memberbanks providing key financial services supporting the government and serving their district.
What is COLA?
The Cost of Living Adjustment: increase in social security benefits to counteract inflation adjusting for the expense of living
What are NC's Big Three Industries (historically)?
Textiles, Tobacco, and Furniture
What phase does the business cycle always start in?
Expansion
What is the difference between monopoly and monopolistic market structures?
Monopoly is a single company representing nearly all of an industry
Monopolistic traits of both oligopoly and competitive markets.
What is arbitrage
The simultaneous purchase and sale of funds (or goods) in order to profit from a difference in interest rates.
Is Federal Income Tax a Direct or Indirect Tax?
Direct Tax
What are NC Big Five Industries (present day)?
Technology, Pharmaceuticals, Banking, Food Processing, and Vehicle Parts
After 2 quarters of being in contraction