4 th 9-weeks review. government and economy ce.11 a-d workforce and careers ce.10 d ce.12 a-d
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What does the FTC stand for?TRANSCRIPT
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4th 9-weeks
Review
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Government and EconomyCE.11 a-d
Workforce and CareersCE.10 dCE.12 a-d
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What does the FTC stand for?
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Federal Trade Commission
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Name 3 examples of public goods and services.
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Interstate HighwaysPostal ServiceNational Defense
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Why does the government provide public goods and services?
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Would not be available if individuals had to provide them
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What has contributed to the global flow of information, capital, and goods and services?
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Innovations in Technology (Internet)
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Who uses tax revenue from individuals and businesses to provide public goods and services?
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governments
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Who promotes and regulates competition?
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The government
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What does EPA stand for?
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Environmental Protection Agency
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What does FCC stand for?
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Federal Communications Commission
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Tell the three government agencies that regulate business.
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FCCEPAFTC
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Give three ways the government promotes marketplace competition.
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1. Enforcing antitrust legislation to discourage the development of monopolies2. Engaging in global trade3. Supporting business start-ups
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Which Amendment to the Constitution of the United States of America authorizes Congress to tax incomes (personal and business)?
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16th Amendment
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What do we call worldwide markets in which the buying and selling of goods and services by all nations takes place?
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Global Economy
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Give three reasons why states and nations trade.
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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.
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Virginia and the United States ___________ in the production of certain goods and services which promotes efficiency and growth.
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specialize
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What reduces funds available for borrowing by individuals and businesses?
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Increased government borrowing
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What increases funds available for borrowing by individuals and businesses?
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Decreased government borrowing
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What may result in lower taxes?
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Decreased government spending
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What might result in higher taxes?
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Increased government spending
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What reduces demand, which may result in a slowing of the economy?
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Decreased government spending
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What increases demand, which may increase employment and production?
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Increased government spending
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What increases funds for private and business spending?
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Government tax decreases
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What reduces the funds available for private and business spending?
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Government tax increases
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Give three ways the Federal Reserve Bank slows the economy.
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1. Increases the reserve requirement.
2. Raises the discount rate.3. Sells government
securities.
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Give three ways the Federal Reserve Bank stimulates the economy.
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1. Lowers the reserve requirement.2. Lowers the discount rate.3. Purchases government securities.
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What does the Federal Reserve System regulate?
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Money supply
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What does the Federal Reserve Bank act as by issuing currency and regulating the amount of money in circulation?
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A banker’s bank
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How does the Federal Reserve Bank stimulate the economy?
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It increases the money supply causing interest rates to decline.
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What is the central bank of the United States?
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The Federal Reserve System (Fed)
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How does the Federal Reserve Bank slow the economy?
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It restricts the money supply, causing interest rates to rise.
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Individuals have the right of private ownership. How is this private ownership protected?
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It’s protected by negotiated contracts that are enforceable by law.
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Government agencies establish guidelines that protect public _______ and _______.
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Health and safety
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Who may take legal action against violations of consumer rights?
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consumers
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Who passes laws and creates agencies to protect consumer rights and property rights?
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The United States government
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______ and ______ also influence job income.
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Supply and demand
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Innovation in technology (e.g. the Internet) contribute to what?
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The global flow of information, capital, goods and services.
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Use of technological innovations does what to the cost of production?
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Lowers it
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What does career planning start with?
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Self-assessment
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Employers seek individuals who have kept pace with what?
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Technological change/skills
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What kind of employees does an employer seek?
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Employees who demonstrate the attitudes and behaviors of a strong work ethic.
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TRUE OR FALSE?There is not a correlation between skills, education and income.
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FALSE
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What is needed to select a career?
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An awareness of individual talents, interests and aspirations.
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What do Virginia and the United States do in order to increase wealth?
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Pursue international trade