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Goods and Services Flashcards

(79 cards)

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1
Q

Government goods and services provide ____ to many ____.

A
  • benefits
  • simultaneously
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2
Q

Government goods and services would ____ likely be available if ____ had to provide them.

A
  • not
  • individuals
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3
Q

Government goods and services include such things as:
- ____ highways
- public ____
- national ____
- postal ____

A
  • interstate
  • schools
  • defense
  • service
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4
Q

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.

A
  • marketplace
  • government
  • goods
  • services
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5
Q

The 4 ways governments pay for public goods and services:

A
  • tax revenue
  • borrowed funds
  • fees (e.g., National Park entrance fees)
  • fines
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6
Q

____ provides certain ____ and ____ that individuals and businesses acting alone cannot provide efficiently

A
  • Government
  • goods
  • services
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7
Q

What does levied mean?

A

imposed

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8
Q

What does revenue mean?

A

income

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9
Q

Definition of Income Tax

A

payments made by individuals and corporations based on income received

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10
Q

Definition of Sales Tax

A

a tax consumers pay on many items they purchase. It is a percentage of the sale price.

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11
Q

Definition of Property TAx

A

a tax levied on land and buildings. Property tax may also be levied on personal property, such as boats or cars.

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12
Q

Income tax is payments made by ____ and corporations based on ____ received.

A
  • individuals
  • income
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13
Q

Sales tax is a tax consumers pay on many items they ____. It is a percentage of the ____ price.

A
  • purchase
  • sale
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14
Q

Property tax is a tax levied on ____ and ____. Property tax may also be levied on ____ ____, such as boats and cars.

A
  • land
  • buildings
  • personal property
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15
Q

Main source of revenue for Federal level of government?

A

Income tax

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16
Q

Main source of revenue for State level of government?

A

Income & sales tax

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17
Q

Main source of revenue for County, Townships and Cities level of government?

A

Property & sales tax

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18
Q

Local, state and federal ____ determine how best to use and allocate the ____ they collect

A
  • governments
  • money
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19
Q

Federal Government pays for services such as:
- National ____ and homeland ____
- Some ____ expenditures
- ____ payments on national debt
- Payments to ____ ____ recipients

A
  • defense, security
  • medical
  • interest
  • social security
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20
Q

Most STATE and LOCAL government revenue is spent on:
- ____
- Public ____ and ____
- ____ construction and repair
- Public ____ (including police officers and fire department)

A
  • Education
  • health, welfare
  • road
  • safety
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21
Q

Every LEVEL of government: ____, ____, and ____ requires ____ to pay for goods and services ____ by the government.

A
  • federal
  • state
  • local
  • revenue
  • provided
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22
Q

____ and _____ levied on individuals and businesses are the ____ source of ____.

A
  • Taxes
  • Fees
  • major
  • income.
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23
Q

KEY TOPIC: What is the structure and function of the ____ ____ _____ (FED) and how does it act as the nation’s ____ bank?

A
  • Federal Reserve System
  • central
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24
Q

The FED regulates ____ to ensure the soundness (condition) of the ____ system and safety of ____.

A
  • banks
  • banking
  • deposits
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25
The FED influences the ____ supply and INTEREST RATES in the economy to try to keep INFLATION ____ and stable
- money - low
26
The FED provides financial services to banks and FEDERAL ____.
Government
27
The FED consists of a ____ of ____ and ____ federal reserve banks.
- Board - Governors - 12
28
The FED chairperson is appointed by the ____ and approved by the _____.
- President - Senate
29
The ____ ____ ____ is our nation's central bank.
FED
30
KEY TOPIC: How does the ____ provide regulations to protect consumers, labor, the environment and competition in the _____?
- government - marketplace
31
A ____ right is a legal claim of ____
- property - ownership
32
____ helps define and enforce ____ rights
- Government - property
33
STAR: Property ownership is protected by negotiated ____ that are enforceable by ___.
- contracts - law
34
The property right/ownership process helps beneficial ____ take place.
exchange
35
Government ____ establish ____ that protect public health, safety, and promote ____.
- agencies - regulations - competition
36
STAR: Consumers may take ____ ____ against violations of consumers rights.
- legal action
37
What are the 2 government agencies that protect CONSUMERS
- Consumer Product Safety Commission (CPSC) - Food and Drug Administration (FDA)
38
What are the 2 government agencies that protect LABOR?
- Occupational Safety and Health Administration (OHSA) - Equal Employment Opportunity Commission (EEOC)
39
What is the government agencies that protects the ENVIRONMENT?
Environmental Protection Agency (EPA)
40
The US _____ passess ____ and creates _____ to protect consumer rights and property rights, competition in the marketplace, labor and the environment.
- government - laws - agencies
41
When the US _____ issues coins and ____ people accept it in exchange for ____ and _____ because they have ____ in the ______.
- currency - goods - services - confidence - government
42
____ acts as a medium of exchange, making ____ easier.
- Money - trade
43
____ acts as a store of value, making it easier to ____ and ____.
- Money - save - invest
44
Money acts as a measure of value, making it easier to compare the ________?
value of goods and services.
45
The 3 types of money generally used in the US are?
- coins - currency - deposits in bank accounts (access by check and debit card)
46
____ is defined as anything that is generally accepted as a method of ____ for goods and services.
- Money - payment
47
____ makes it easier to _____, ____, ____, and ____ and to compare the value of goods and services.
- Money - trade - borrow - save - invest
48
_____ captial refers to the combination of a person's what (7 things?_
- Human 1) education 2) knowledge 3) skill 4) experience 5) health 6) training 7) talent
49
People develop their HUMAN CAPITAL through FORMAL and INFORMAL ____.
education
50
People who have ____ in their own HUMAN CAPITAL have the potential to ____ more, ____ more, and choose a ____ that is satisfying to them.
- invested - produce - earn - career
51
An awareness of _____. _____ and _____ is needed to select a career
- talents - interests - aspirations
52
Career planning start with ____ assessment
self
53
Attitudes and behaviors that support a strong ____ ____ enhance career success.
work ethic
54
Employers seek employees who demonstrate the ____ and ____ of a strong work ethic.
- attitudes - behaviors
55
There is correlation among ____, ____ and ____.
- skills - education - income
56
____ skills/education level generally lead to ____ incomes.
- higher - higher
57
____ and ____ also influence job income.
- supply - demand
58
Changes in ____ influence the abilities, skills, and education needed in the ____ ____.
- Technology - Work force
59
Employers seek individuals who have kept pace with ____ changes by updating their ___.
- technological - skills
60
TEchnological advancements create new ____ in the workplace
jobs
61
____ and ____ flows permit peopel to work across ____ ____
- Technology - information - International Borders
62
The ability to work across international borders creates ____ from foreign workers for US jobs.
competition
63
The ability to work across international borders also may create ____ for US workers to work for companies based in other ____.
- opportunities - countries
64
Being ___ responsible includes: - making careful ____ decisions - ___ and ____ for the future - having _____ - keeping to a _____ using ____ wisely
- fiscally - spending - saving, investing - insurance - budget - credit
65
Being _____ responsible also means understanding how: - _____ - ______ - ____ can protect the individual
- fiscally - contracts - warranties - guarantees
66
What are the 3 ways governments promote marketplace competition
- enforcing anti-trust legislation - engaging in global trade - supporting business startups
67
What agency regulates communition
FCC
68
What agency regulates trade
FTC
69
What agency regulates investors and banks
SEC
70
The FCC regulates what?
communication
71
The FTC regulates what?
trade
72
The SEC regulates what?
investors and banks
73
T/F: most economic decisions in the US are made in the marketplace
True
74
What 2 things does the government issue that people accept in exchange for goods and services
- coins - currency
75
T/F: Government agencies establish regulations that protect public health and safety and promote competition
True
76
T/F: Consumers may take legal action against violations of consumers rights
True
77
T/F: A property right is a legal claim of ownership
True
78
T/F: Government helps define and enforce property rights
True
79
T/F: Property ownership is protected by negotiated contracts that are enforceable by law.
True

Civics (2 decks)

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