Key Ideas Chapter 17-20

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What are two causes of economic problems

High inflation, to much government spending

Positives and negatives of free-enterprise

Positive- Operate however you see fit Negative- Opens themselves to huge loses

Positives and negatives of credit cards

Positives-Get product right away and can use in case of emergency Negative- High interest rate

What is private insurance

Something a consumer can buy to protect something

Ways to save money

Invest, savings bonds, CDs

Why was social security created and what does it do

It was created so people would have something to fall back on if they ever got injured or when they retire. It is an account that everybody automatically puts money into from their check while others pull out of it.

Why would a company sell stocks? How do stocks work?

They sell stocks to raise money. Each share of a stock represents a part of the corporation. If the corporation loses money you lose money if they gain money you gain money.

Why were labor unions needed in the late 1800s and early 1900s

They were needed because workers worked in unsafe, long hours, and young kids were working

What is social insurance

When the consumer is mandated to have it

Are unions still powerful today

Yes


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