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VA SOL CE13
VA SOL CE13 Government Market Regulation
| Question | Answer |
|---|---|
| The government both promotes and regulates ___ . | COMPETITION |
| The government promotes competition by enforcing ____ legislation to discourage the development of monopolies. | ANTITRUST |
| What are three government agencies that oversee the way individuals and companies do business? | • FCC • SEC • FTC |
| FCC | FEDERAL COMMUNICATIONS COMMISSION |
| EPA | ENVIRONMENTAL PROTECTION AGENCY |
| FTC | FEDERAL TRADE COMMISSION |
| FEDERAL COMMUNICATIONS COMMISSION | Regulate broadcasting and interstate communication by wire, radio, and TV |
| ENVIRONMENTAL PROTECTION AGENCY | Sets and enforces rules and standards that protect environment and control pollution |
| FEDERAL TRADE COMMISSION | Investigates illegal practices in interstate trade such as pre-fixing or false advertising |
| What are some examples of public goods and services? | INTERSTATE HIGHWAYS, PUBLIC SCHOOLS, POSTAL SERVICE, AND NATIONAL DEFENSE |
| Public goods and services provide benefits to many simultaneously, but would not be available if - | INDIVIDUALS HAD TO PROVIDE THEM |
| How do governments get the money to produce public goods and services? | Through tax revenue, borrowed funds, fees, and fines |
| Where does Congress get the authority to tax personal and business incomes? | 16th Amendment |
| Three ways that the government promotes marketplace competition. | enforcing anti-trust legislation Engaging in global trade supporting business start-ups |
| Main source of revenue to the federal government | income tax |
| Main sources of revenue to the state governments | income tax and sales tax |
| Main sources of revenue to the local governments | property tax and sales tax |
| 4 things the federal government revenue pays for | national defense & homeland security some medical expenditures / Medicare Social Security recipients interest payments on the national debt |
| 6 things that most state and local government revenue pays for | education road construction and repair police public health and welfare public safety fire departments |
| Income, especially when of a company or organization and of a substantial nature | revenue |
| Federal Reserve System- our nation's central bank | The FED |
| The FED consists of a board of __________ and _________federal reserve banks | governors, 12 |
| Who regulates banks to ensure the soundness of the banking system and the safety of deposits. | The FED |
| Who ifluences the money supply and interest rates in the economy to try to keep inflation low and stable. | The FED |
| The FED chairperson is appointed by the _________ and approved by _________ | president, Senate |
| Who provides financial services to banks and the federal government. | The FED |
| Individuals right to private ownership is protected by negotiated ___________ that are enforceable by _________. | contracts, law |
| What do government agencies establish? | regulations that protect public health & safety and promote competition |
| Consumers may take__________ ____________ against violations of consumer rights | legal action |
| CPSC | Consumer Product Safety Commission- Protects the public against unreasonable risks/injuries/deaths associated with consumer products |
| FDA | Food and Drug Administration- Oversees safety involving food, drugs, and other biohazardous materials available for consumption |
| OSHA | Occupational Safety and Health Administration- Ensures a safe and healthy work environment for employees |
| EEOC | Equal Employment Opportunity Commission- Enforces civil rights laws against workplace discrimination |
| EPA | Environmental Protection Agency- Sets and enforces rules and standards that protect environment and control pollution |
| CPSC | Consumer Product Safety Commission |
| FDA | Food and Drug Administration |
| OSHA | Occupational Safety and Health Administration |
| EEOC | Equal Employment Opportunity Commission |
| EPA | Environmental Protection Agency |
| What does the government issues – that people accept in exchange for goods & services? | currency |
| Why do people exchange government issued money for goods and services? | They have confindence in the government |
| 3 Types of Money | coins, currency, checks & debit cards |
| Money acts as what 3 things? | Medium of exchange, making trade easier. Store of value, making it easier to save and invest. Measure of value, making it easier to compare the value of goods and services. |
| Why would the Fed increase the money supply, causing interest rates to decline? | TO STIMULATE THE ECONOMY |
| What does the Fed do to slow the economy? | THE FED CAN RESTRICT THE MONEY SUPPLY, CAUSING INTEREST RATES TO RISE |
| When selecting a career, one should be aware of one‘s individual talents, interests, and aspirations. Career planning starts with - | SELF-ASSESSMENT |
| Employers want hard-working employees. They want employees who have -- | A STRONG WORK ETHIC |
| What is the relationship between skills, education, and income? | HIGHER SKILL(S) AND/OR EDUCATION LEVEL(S) GENERALLY LEAD TO HIGHER INCOMES |
| Job income is influenced by education, skills and - | SUPPLY AND DEMAND (JOBS IN HIGHER DEMAND AND SHORTER SUPPLY WILL PAY MORE) |
| What kind of advancements create new jobs in the workplace? | TECHNOLOGICAL ADVANCEMENTS |
| ____ seek individuals who have kept pace with technological changes. | EMPLOYERS |
Created by:
Mrs. Estes
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