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CE U9: Govt & Econ
Government, Economy, and Careers
| Term | Definition |
|---|---|
| ways the government promotes marketplace competition | enforcing anti-trust legislation, engaging in global trade, supporting business start ups |
| anti-trust legislation | laws that discourage the development of monopolies |
| Federal Communications Commission | Regulates broadcasting on t.v. and radio. Prevents monopolies in broadcasting and inappropriate material. |
| Federal Trade Commission | Regulates businesses from forming monopolies and promotes competition. |
| Government Agencies that regulate business | SEC, FCC, FTC |
| public goods and services | goods and services provided by the government (individuals acting alone could not provide them efficiently) |
| examples of public goods and services | interstate highways, postal service, national defense |
| less money for private spending | effect of government tax increases |
| What are ways that the government pays for public goods and services? | tax revenue, borrowed funds, fees, fines |
| What is the Federal Reserve system? | Central bank of the US that maintains value of the national currency, regulates banks, and manages the amount of money in the economy |
| inflation | the steady rise of prices for goods and services |
| Why does the Federal Reserve regulate banks? | to ensure the soundness of the banking system and the safety of deposits |
| Why is it important that the Federal Reserve manages the amount of money in the economy? | to keep inflation low and prices stable |
| Environmental Protection Agency | Regulates businesses and individuals from polluting. |
| How does the government protect consumer rights? | by passing laws and creating regulatory agencies like the FDA |
| What is a legal agreement that protects your right to own private property? | contracts |
| What is anything generally accepted as a method of payment? | money |
| they have confidence in the government | Why do people accept U.S. currency? |
| three types of money | coins, Federal Reserve notes (dollars), deposits in banks accounts accessed by checks and debit cards |
| Why is credit not a form of money? | It is only a promise to pay back a loan (an IOU) |
| Trust | a monopoly that owns an entire industry (example: Rockefeller oil) |
| What are the three main types of taxes? | income, sales, property |
| What tax is based on how much money you make? | income tax |
| What tax is based on large items that you own? | property tax |
| What tax is paid every time you buy a good or service? | sales tax |
| What is needed to select a career? What does career planning begin with? | an awareness of individual talents, interests and aspirations; self-assessment |
| What is human capital? | a combination of a person's education, knowledge, skill, experience, health, training, and talent |
| What is a strong work ethic? | the attitudes and behaviors that show a person believes in the importance and value of work |
| Higher skills and/or education usually lead to | higher incomes |
| What do changes in technology influence? | the abilities, skills, and education needed in the workforce, as well as the creation of new jobs |
| Making careful spending decisions, saving and investing for the future, having insurance, keeping to a budget, using credit wisely, and understanding how contracts, warranties, and guarantees work are examples of being | fiscally responsible |
| What is a contract? | A legally enforceable agreement that protects property ownership and rights |
| What are some agencies that protect consumers, labor, or the environment? | CPSC, FDA, OSHA, EEOC, and EPA |
Created by:
ElliottED
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