Since countries are better off when they work with others, everybody makes whatever they are best at (comparative advantage) and they engage in this with no restrictions.
What is free trade?
100
the lower the price, the more the demand
What is law of demand?
100
$250,000 is the average
What is you'll earn more/higher lifetime wages?
100
The more you make, the more you pay.
What is progressive taxes?
100
I loan you money based on the belief that you will pay me back.
What is credit.
200
How much currency is worth in one country compared with another country.
What is exchange rate?
200
Betsy rocks everything, but she doesn't have time to do everything. Bert is okay at doing dishes, so he should at least do that. He has something at least.
What is comparative advantage?
200
You are in higher demand for jobs
What is job opportunity?
200
You shouldn't eat that! Stop drinking that! This is bad for you. I will make you pay.
What is an excise tax?
200
I give the bank some of my money that I can't touch for a period of time, six months perhaps. In exchange, they give me back my money plus interest. Pretty safe investment.
What is a certificate of deposit?
300
$20 is worth $20, no matter how old it is or how long it has been in your jeans.
What is store of value?
300
From the skills of my employees to the machinery I use to make my product.
What is factors of production?
300
How often have you been late in your payments? How much of debt are you in? How much do you earn? Did you go to and finish college?
What is credit rating?
300
A flat, dollar amount that everyone pays. That's fair, isn't it?
What is regressive taxes?
300
FDIC insured means my money is safe because the government will cover it if anything ever happens. Pretty safe investment.
What is a savings account?
400
When you export more than you import you are said to have this. Lucky you!
What is a trade surplus?
400
The president and Congress decide to increase taxes or reduce government spending.
What is fiscal policy?
400
If I go, I will owe money. If I don't go, I'll earn less money over a lifetime and have less choices in the jobs I pick. Some people will even consider me a greater credit risk. What will I let go?
What is opportunity cost?
400
Everybody has to fork over 8.3% tax at Starbucks.
What is proportional taxes?
400
You have credit cards. You better do this every month, or it will take you 20 years to pay off $2000.
What is pay off your balance every month?
500
When your labor costs and raw materials are inexpensive, your product is cheap. Save here and you have a cheaper import and an advantage over other countries.
What is cost of production?
500
The more money I earn off my product, the more I want to produce.
What is law of supply?
500
Currently at over a trillion dollars, this represents the third largest item on our US Debt clock. If we all default, we're in real trouble, so just don't sign on the dotted line.
What is student loan debt?
500
Why my coffee costs me $15 instead of $5.
What is a tariff?
500
A fund that is created by having many people put together their investments and they go in an investment together. Our stocks are diversified, I hope!