Term
| CHARACTERISTICS OF FINANCIAL INSTITUTIONS |
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Definition
- include banks, savings and loans, credit unions, securities brokerages
- receive deposits and make loans
- save and invest by paying interest on deposits
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Term
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Definition
| worldwide markets in which the buying and selling of goods and services by all nations takes place |
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Term
| WHY DO STATES AND NATIONS TRADE? |
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Definition
- obtain goods and services they can not produce
- buy goods and services at a lower cost
- sell goods and services
- create jobs
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Term
| Virginia and US specialize in |
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Definition
| production of certain good and services which promotes efficiency and growth |
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Term
| what do innovations in technology contribute to |
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Definition
- global flow of information
- capital
- goods and services
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Term
| what does the use of technology do |
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Definition
| lowers the costs of production |
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Term
| in what ways does the government promote marketplace competition |
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Definition
- enforcing antitrust legislation to discourage the development of monopolies
- engaging in global trade
- supporting business start-ups
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Term
| 3 government agencies that regulate business and oversee individuals and companies |
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Definition
- FCC - Federal Communications Commission
- EPA - Environmental Protection Agency
- FTC - Federal Trade Commission
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Term
| Federal Communications Commission |
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Definition
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Term
| Environmental Protection Agency |
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Definition
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Term
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Definition
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Term
| characteristics of public goods and services |
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Definition
- interstate highways, postal service, and national defense
- provide benefits to many simultaneously
- would not be available if individuals had to provide them
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Term
| ways that government produce public goods and services |
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Definition
- through tax revenue
- through borrowed funds
- various fees
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Term
| If the government increases taxes, then it _________ funds available for private and business spending. |
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Definition
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Term
| If the government decreases taxes, then it _______the funds available for private and business spending. |
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Definition
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Term
| If the government increases borrowing, then it______ the funds available for borrowing by individuals and businesses. |
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Definition
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Term
| If the government decreases borrowing, then it _____increases the funds available for borrowing by individuals and businesses. |
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Definition
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Term
| Increased goverment spending increases demand = |
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Definition
| may increase employment and production |
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Term
| Decreased government spending reduces demand = |
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Definition
| may result in a slowing of the economy |
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Term
| Increased government spending may result in |
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Definition
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Term
| Decreased government spending |
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Definition
| may result in lower taxes |
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Term
| authorizes Congress to tax incomes (personal and business) |
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Definition
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Term
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Definition
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Term
| Duties of the Federal Reserve |
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Definition
- maintain value of the national currency (dollar)
- regulate banks
- manage the amount of money in the economy
- acts as the federal governments bank
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Term
| Fed wants to stimulate the economy, it will______ the amount of money in circulation. |
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Definition
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Term
| Fed wants to slow down the economy, it will _________the amount of money in circulation |
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Definition
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Term
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Definition
- passes laws
- creates agencies
(to protect consumer and property rights) |
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Term
individuals have the right of private ownership
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Definition
| protected by negotiated contracts that are enforceable by law |
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Term
| government agencies establish guidelines |
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Definition
| which protect public health and safety |
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Term
| if a consumers rights have been violated he/she |
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Definition
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Term
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Definition
| anything that is generally accepted as a method of payment |
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Term
| People accept coins and currency in exchange for goods and services because? |
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Definition
| they have confidence in the government |
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Term
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Definition
| issues money to help facilitate its exchange for goods and services |
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Term
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Definition
- coins
- Federal Reserve notes
- deposits in bank accounts
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Term
| In order to plan a career, start with? |
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Definition
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Term
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Definition
| employees who exhibit a strong work ethic |
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Term
| Higher skills and/or education level = |
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Definition
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Term
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Definition
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Term
| What creates new jobs in the workplace? |
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Definition
| technological advancements |
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Term
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Definition
| individuals - businesses - governments |
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Term
| individuals own resources |
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Definition
- they sell resources (called labor)
- use income (wages) to purchase
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Term
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Definition
- make products
- sell to individuals or businesses
- use profits to buy more resources
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Term
| governments use tax revenue from |
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Definition
- individuals and businesses
- provide public goods and services
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Term
| Economic flow happens in part because |
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Definition
- individuals and businesses save and invest
- provides financial capital (money)
- can be borrowed for business expansion and increased consumption
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