Unit 1
What kind of resource can be replaced after being used?
Renewable Resource
What is the bottom of the business cycle called?
Trough
What is the crediblity gap?
Difference between Pres Johnson’s claims of winning & what was really happening.
Or what is happening vs What we're told
What is personal Finance?
A term that covers managing your money as well as saving & investing
What is Gross pay?
what employees earn before taxes, benefits and other payroll deductions are withheld from their wages.
What is the decision to choose one option over another?
Trade offs
What is inflation rate?
The annual rate at which prices increase.
The doves had what view on war?
Opposed it
Name the four types of income
Active income
passive income
portfolio income
inherited income
What is medicare?
Low cost insurance for people 65 & older & covers some conditions in younger people such as ALS
What is a Monopoly?
A market that has a single supplier of a good or service.
Example: Google
What is GDP?
A measure of the total value of goods & services produced in a country (regardless of who produces them)
The hawks had what view on war?
Pro war.
What is included in the cost of college?
Tuition fees, Room/Board
books and supplies
Transportation
Personal expenses.
When do you have to report gambling winnings?
You always have to report winnings
What is elastic supply?
The amount produced changes greatly when the price changes
What is stagflation?
a damaging rate of inflation.
High levels of unemployment
What is the monetary policy?
A set of actions available to a nation's central bank to achieve sustainable economic growth by adjusting the money supply.
What are trade schools?
they Provide shorter, focused programs
makes you workforce ready
What type of taxes are there?
State taxes
property taxes
Federal estate taxes
Excise tax
What is a surplus?
An excess of production
A government authority or license conferring a right or title for a set period is a what?
Patent
What is Fiscal policy?
The use of government spending and taxation to influence the economy
What are certifications?
An official document attesting to a status or level of achievement.
WHat are capital gains?
the profit you make when you sell an asset for more than you paid for it.