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Global Economy and Gov't Agencies/Goods Flashcards

(48 cards)

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1
Q

Worldwide markets in which the buying and selling of goods and services by all individuals, nations and businesses takes place

A

Global Economy

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2
Q

The Global Economy is the worldwide ____ in which the buying and selling of ____ and ____ by all individuals, nations and businesses takes place.

A
  • markets
  • goods
  • servicers
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3
Q

States and nations trade to obtain (get) ____ and ____ they cannot ____ or produce efficiently themselves (to get “stuff” they don’t have

A
  • goods
  • services
  • produce
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4
Q

States and nations trade to buy ____ and ____ at a lower ____ or lower ____ cost. (to get “stuff” cheaper)

A
  • goods
  • services
  • cost
  • opportunity
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5
Q

States and nations trade to sell ____ and ____ to other countries (to make money)

A
  • goods
  • services
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6
Q

States and nations trade to create ____ (to make sure our people have money)

A

jobs

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7
Q

What are the 4 reasons that states and nations trade

A
  • get “stuff” they don’t have
  • get “stuff” cheaper
  • make money
  • make sure our people have money
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8
Q

____ and the US ____ in the production of certain ____ and ____ which promotes efficiency and ____

A
  • Virginia
  • specialize
  • goods
  • services
  • growth
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9
Q

innovations in technology (e.g., the internet) contribiute to the ____ flow of information, ____, ____ and services

A
  • global
  • capital
  • goods
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10
Q

____ and the US pursue interational ____ in order to INCREASE ____.

A
  • Virginia
  • trade
  • wealth
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11
Q

Marketplace

A

a place where buying and selling happens

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12
Q

a place where buying and selling happens

A

marketplace

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13
Q

Anti-trust legislation

A

prohibit a variety of practices that limit trade & stop monopolies

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14
Q

prohibit a variety of practices that limit trade & stop monopolies

A

anti-trust legislations

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15
Q

Monopoly

A

total control

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16
Q

total control

A

monopoly

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17
Q

Ways the Government promotes marketplace competition
- ____ and ____ antitrust legislation to discourage the development of ____
- ____ policies that encourage ____ trade
- ____ business start-ups

A
  • establishing
  • enforcing
  • monopolies
  • enacting
  • global
  • supporting
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18
Q

Government agencies that regulate and promote competition in the markeplace
- ______
- _____
- _____

A
  • Federal Communications Commission (FCC)
  • Securities and Exchange Commission (SEC)
  • Federal Trade Commission (FTC)
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19
Q

Organization that regulates broadcasting and communication

A

FCC

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20
Q

FCC

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A

Organization that regulates broadcasting and communication

21
Q

Organization that protects investors and the national banking system

22
Q

SEC

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A

Organization that protects investors and the national banking system

23
Q

Organization that investigates illegal practices in interstate TRADE, such as price-fixing or false advertising

24
Q

FTC

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A

Organization that investigates illegal practices in interstate TRADE, such as price-fixing or false advertising

25
FCC, SEC and FTC oversee ______
the way individuals and companies do business
26
The ____ promotes and regulates ____
- Government - competition
27
Government goods and services provide ____ to many ____
- Benefits - Simultaneously
28
Goods and services provided by the Government would ____ likely be available if ____ had to provide them
- Not - Individuals
29
Goods and services provided by the Government include such things as - _____ highways - public ____ - national ____ - Postal ____
- Interstate - Schools - Defense - Service
30
Most economic decisions in the US are made in the ____, but ____ also plays a role in the economy by providing ____ and ____ that markets cannot provide efficiently
- marketplace - government - goods - services
31
Ways governments pay for public goods and services
- Tax revenue - borrowed fudns - fees (e.g., National Park entrace fees) - Fines
32
____ provides certain ____ and ____ that individuals and business acting alone cannot provide efficiently
- Government - Goods - Services
33
Levied
to impost
34
To impose
levied
35
Revenue
income
36
What are the different types of taxes
- Income Tax - Sales Tax - Property Tax
37
Income Tax
payments made by individuals and corporations based on income received
38
Income tax is payments made by ____ and corporations based on ____ received
- individuals - income
39
Sales Tax
A tax consumers pay on many items they puchase. It is a percentage of the sale price.
40
Sales tax is a tax consumers pay on many items they ____. It is a percentage of the ____ price
- Purchase - Sale
41
Property Tax
A tax levied on land and buildings.
42
Property tax is A tax levied on ____ and ____. Property tax may also be levied on ____, such as boats and cars. In the US, governments collect several different types of revenue or taxes from ____ and ____
- land - buildings - personal property - individuals - businesses
43
Main source of revenue for each level of government - Federal: ____ - State: ____ - Local (County, Township, City): ____
- Income Tax - Income and Sales Tax - Property and Sales Tax
44
Local, state and federal ____ determine how best to use and allocate the ____ they collect
- Governments - Money
45
Federal Government pays for services such as: - National ____ and Homeland ____ - Some ____ expenditures - ____ payments on national debt - Payments to ____ receipients
- Defense, Security - Medical - Interest - social security
46
Most State and Local Government revenue is spent on - ____ - Public ___ and ____ ____ construction and repair - Public ____ (including police officers and fire department)
- Education - Health, welfare - Road - Safety
47
Every level of Government (____, ____, and ____) requires ____ to pay for goods and services ____ by the Government
- Federal - State - Local - revenue - provided
48
____ and ____ levied on individuals and businesses are the ____ source of ____
- Taxes - Fees - Major - Income

Civics (2 decks)

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