epf :sobbing:

What is the difference between money and currency?

Money refers to a broader concept of assets that can be used for transactions and to store value. Currency, on the other hand, is a specific type of money that includes physical banknotes and coins.

Prior to 1971, what was the U.S. currency backed by?

  Before 1971, U.S. currency was backed by gold & silver, known as the gold standard. This meant that the value of the U.S. dollar was directly tied to a specific amount of gold

Define cryptocurrency and NFTs?

- Cryptocurrency is a digital or virtual form of money that uses cryptography for security. Examples include Bitcoin and Ethereum.

- NFTs (Non-Fungible Tokens) are unique digital assets representing ownership of a specific item, artwork, or collectible on a blockchain.

Why would an economist see cryptocurrencies as volatile (Think of societal trends)?

   Economists see cryptocurrencies as volatile because their value can fluctuate significantly in a short period due to factors like market sentiment, regulatory changes, and adoption trends.

What is the definition of GDP? What was America’s GDP in 2022?

   GDP (Gross Domestic Product) is the total value of goods and services produced in a country in a given year. I don't have data beyond September 2021, so I can't provide the 2022 GDP figure.

List three examples that would factor in calculating a country’s GDP (Think to the GDP indicator game played in class)?

   Examples of factors include consumer spending, business investments, and government expenditures. Essentially, it encompasses all economic activity within a country.

What is the difference between nominal GDP and Real GDP?

   Nominal GDP is GDP measured in current market prices, while Real GDP adjusts for inflation, providing a more accurate picture of economic growth.

Explain what i mean if i said the GDP Per Capita of the USA is $56,617?

   If the GDP Per Capita of the USA is $56,617, it means, on average, each person in the USA contributes this amount to the country's GDP annually.

Give an example of money versus currency?

   Money can include not just physical currency but also checks, debit/credit cards, and digital payment apps.

Currency specifically refers to paper bills and coins.

Draw a rough illustration of what the Business Cycle looks like on a graph

Identify the 4 stages of the Business Cycle?

    The stages are Expansion, Peak, Contraction (or Recession), and Trough.

Where would unemployment be highest/lowest in the Business Cycle?

    Unemployment tends to be highest during the Contraction phase and lowest during the Expansion phase.

What was the root cause of the 2008 Financial Crisis?

    The crisis was primarily caused by the burst of the housing bubble, triggered by risky lending practices, mortgage-backed securities, and financial market complexities.

What are the 4 goals of the Federal Reserve?

    The goals include price stability, full employment, stable interest rates, and financial system stability.

Who is responsible for Monetary Policy?

    The Federal Reserve, often referred to as the Fed, is responsible for monetary policy in the United States.

Who is responsible for Fiscal Policy?

    Fiscal policy is primarily determined by the U.S. government, with Congress and the President playing key roles.

What is a Labor Union?

    A labor union is an organization that represents and advocates for the interests of workers in negotiations with employers.

Describe the purpose of collective bargaining?

    Collective bargaining is the process where labor unions negotiate with employers to reach agreements on wages, working conditions, and other labor-related matters.

Describe the risk AND reward of going on strike as an employee?

    Going on strike can result in improved working conditions and wages if successful, but it also carries the risk of lost income during the strike period.

What is the current minimum wage?

    The federal minimum wage is $7.25 per hour

Who establishes the minimum wage, or has the power to change it?

    The federal government sets the minimum wage, and it can be adjusted through legislative changes

If you job is primarily tip-based, what is your minimum wage?

$3.25,     For tip-based jobs, the minimum wage can be lower than the standard minimum wage, with the expectation that tips make up the difference.

How long has it been since minimum wage was addressed by the federal govt?

    The federal minimum wage has not been raised since July 24, 2009.

Provide a central argument for raising the minimum wage?

    Advocates argue that raising the minimum wage can improve the standard of living for low-wage workers and reduce income inequality.

Provide a central argument for NOT raising the minimum wage?

    Opponents argue that raising the minimum wage can lead to job loss, increased business costs, and potential inflation.

Identify the key areas of federal spending?

    Federal spending includes categories like Social Security, Medicare, Defense, and Education.

Give an example of mandatory spending?

    Social Security benefits are an example of mandatory spending because they are determined by law and paid to eligible recipients.

Give an example of discretionary spending?

    Funding for national parks is an example of discretionary spending, as it is subject to annual budget decisions.

Explain why the US Debt clock is considered depressing?

    The U.S. Debt Clock is considered depressing because it displays the rapidly increasing national debt, which can be concerning for the country's fiscal health.

Identify the purpose of the Sherman Anti-Trust Law?

    To promote fair competition and prevent monopolistic practices in business.

What are the 4 ways to achieve a favorable balance of trade?

    Strategies include exporting more than importing, devaluing the currency, reducing trade barriers, and increasing productivity.

Give an example of a sanction the USA imposed on someone?

    The USA imposed sanctions on individuals, entities, or countries, like sanctions on Iran to restrict their access to certain resources or services.

Explain the purpose of an embargo?

    An embargo is a complete ban on trade with a particular country or group of countries, often used for political or economic reasons.

Identify the 4 levels of globalization?

    They typically include international, regional, national, and local levels, representing the extent of global integration in various areas.

In what way is NC a Global State?

NC participates in international trade, multinational corporations, and cultural diversity