A true ___ economy is liberated from any government interference in the economy.
The government maintains a "___" (French for "hands-off") approach to the economy.
Our ___ economy is not a true free market. The government exercises economic influence in many ways.
The government negotiates ___ agreements with foreign nations.
The President's representatives negotiate ___ and the Senate confirms them in keeping with the Constitution.
___ lowers tariffs between the United States, Canada, and Mexico.
Louisiana benefits from low cost consumer goods imported from ___.
Louisiana's cost for NAFTA is the loss of jobs to Mexico because of lower ___ in Mexico.
NAFTA increases ___ in the market by lowering barriers to trade.
U.S. companies may be at an unfair disadvantage because U.S. minimum wage laws force ___ to pay higher wages, thus providing an incentive to relocate to Mexico.
U.S. ___ regulations are more strictly enforced, creating costs for companies that may be avoided by moving to Mexico.
___ laws are a form of price control -- they set a minimum price for an hour of labor.
A true free ___ economy does not have a minimum wage.
Minimum wage laws may encourage employers to use technology to replace workers with capital (___) or relocate to Mexico (under NAFTA) or Central America (under CAFTA-DR).
high school students
Many minimum wage employees are ___.
Even high school students often earn more than the minimum wage because of the demand for ___ labor.
The minimum wage prevents teens from getting jobs as jobs are eliminated when the minimum wage is more than teen ___ is worth.
___ set a maximum price for a good or service.
Price controls may seem helpful to ___, but cause more harm than good.
Poland implemented price controls on milk in the 1990s. As a result, the milk on the shelves sold out but farmers stopped producing milk because it was ___.
supply and demand
Price controls attempt to avoid the law of ___.
Supply and demand always win out over price controls in the long term because supply and demand reflect the true ___ of goods and services
Price controls create ___ where people break the law to get what they want or need, but the prices are raised to reflect the legal risks for the sellers.
Price controls ordered by the American military in ___ after World War II resulted in a large black market (or underground) economy.
Price controls result in...
___ attempts to manipulate the economy often have short-term and long-term unintended negative consequences.