4 th 9-weeks Review

Government and Economy CE.11 a-d Workforce and Careers CE.10 d CE.12 a-d

What does the FTC stand for?

Federal Trade Commission

Name 3 examples of public goods and services.

Interstate Highways Postal Service National Defense

Why does the government provide public goods and services?

Would not be available if individuals had to provide them

What has contributed to the global flow of information, capital, and goods and services?

Innovations in Technology (Internet)

Who uses tax revenue from individuals and businesses to provide public goods and services?

governments

Who promotes and regulates competition?

The government

What does EPA stand for?

Environmental Protection Agency

What does FCC stand for?

Federal Communications Commission

Tell the three government agencies that regulate business.

FCC EPA FTC

Give three ways the government promotes marketplace competition.

1. Enforcing antitrust legislation to discourage the development of monopolies 2. Engaging in global trade 3. Supporting business start- ups

Which Amendment to the Constitution of the United States of America authorizes Congress to tax incomes (personal and business)?

16 th Amendment

What do we call worldwide markets in which the buying and selling of goods and services by all nations takes place?

Global Economy

Give three reasons why states and nations trade.

1.To obtain goods and services they cannot produce or produce efficiently themselves. 2. To buy goods and services at a lower cost or a lower opportunity cost. 3. To sell goods and services to other countries. 4. To create jobs.

Virginia and the United States ___________ in the production of certain goods and services which promotes efficiency and growth.

specialize

What reduces funds available for borrowing by individuals and businesses?

Increased government borrowing

What increases funds available for borrowing by individuals and businesses?

Decreased government borrowing

What may result in lower taxes?

Decreased government spending

What might result in higher taxes?

Increased government spending

What reduces demand, which may result in a slowing of the economy?

Decreased government spending

What increases demand, which may increase employment and production?

Increased government spending

What increases funds for private and business spending?

Government tax decreases

What reduces the funds available for private and business spending?

Government tax increases

Give three ways the Federal Reserve Bank slows the economy.

1.Increases the reserve requirement. 2. Raises the discount rate. 3. Sells government securities.

Give three ways the Federal Reserve Bank stimulates the economy.

1.Lowers the reserve requirement. 2. Lowers the discount rate. 3. Purchases government securities.

What does the Federal Reserve System regulate?

Money supply

What does the Federal Reserve Bank act as by issuing currency and regulating the amount of money in circulation?

A banker’s bank

How does the Federal Reserve Bank stimulate the economy?

It increases the money supply causing interest rates to decline.

What is the central bank of the United States?

The Federal Reserve System (Fed)

How does the Federal Reserve Bank slow the economy?

It restricts the money supply, causing interest rates to rise.

Individuals have the right of private ownership. How is this private ownership protected?

It’s protected by negotiated contracts that are enforceable by law.

Government agencies establish guidelines that protect public _______ and _______.

Health and safety

Who may take legal action against violations of consumer rights?

consumers

Who passes laws and creates agencies to protect consumer rights and property rights?

The United States government

______ and ______ also influence job income.

Supply and demand

Innovation in technology (e.g. the Internet) contribute to what?

The global flow of information, capital, goods and services.

Use of technological innovations does what to the cost of production?

Lowers it

What does career planning start with?

Self-assessment

Employers seek individuals who have kept pace with what?

Technological change/skills

What kind of employees does an employer seek?

Employees who demonstrate the attitudes and behaviors of a strong work ethic.

TRUE OR FALSE? There is not a correlation between skills, education and income.

FALSE

What is needed to select a career?

An awareness of individual talents, interests and aspirations.

What do Virginia and the United States do in order to increase wealth?

Pursue international trade