| A | B |
|---|
| CE.9a - The inability to satisfy all wants at the same time | SCARCITY |
| CE.9a – People have to make choices because resources are _____ . | LIMITED |
| CE.9a - Factors of production that are used in the production of goods and services are called ____ . | RESOURCES |
| CE.9a - Name four types of resources | NATURAL, HUMAN, CAPITAL, ENTREPRENEURSHIP |
| CE.9a - That which is given up when a choice is made is called ___ __ . | OPPORTUNITY COST |
| CE.9a - The amount of money exchanged for a good or service is the ____ . | PRICE |
| CE.9a - ____ are used to change economic behavior. | INCENTIVES |
| CE.9a - What determines price? | THE INTERACTION OF SUPPLY AND DEMAND |
| CE.9a - The amount of a good or service that consumers are willing and able to buy at a certain price | DEMAND |
| CE.9a - The amount of a good or service that producers are willing and able to sell at a certain price | SUPPLY |
| CE.9a - Making goods or providing services | PRODUCTION |
| CE.9a – What determines what is produced? | RESOURCES AVAILABLE AND CONSUMER PREFERENCES |
| CE.9a – The using of goods and services is known as - | CONSUMPTION |
| CE.9a - What determines what is purchased? | CONSUMER PREFERENCE AND PRICE |
| CE.9b – Name three major economic systems | FREE MARKET; COMMAND ECONOMY; MIXED ECONOMY |
| CE.9b – What makes one type of economic system different from others? | THE EXTENT OF GOVERNMENT INVOLVEMENT IN ECONOMIC DECISION MAKING |
| CE.9b - Characteristics of a ___ ___ economy are private ownership of property and resources; profit; competition; consumer sovereignty and individual choice. | FREE MARKET |
| CE.9b - Characteristics of a _____ economy are central ownership of property and resources; centrally-planned economy; lack of consumer choice | COMMAND |
| CE.9b - This economic system is the most common in the world today. The government plays a bigger roll than in a free market economy, but less of a role than in the command economy. | MIXED ECONOMY |
| CE.9b - What type of economic system is in the U.S.? | A MIXED ECONOMY |
| CE.9b - In a mixed economy individuals and business are the decision makers for the ____ sector, and government is decision maker in the ____ sector. | PRIVATE ------ PUBLIC |
| CE.9b - A form of business organization with one owner who takes all the risks and all the profits | PROPRIETORSHIP |
| CE.9c – Who does the economic decision-making in the U.S.? | It’s shared by INDIVIDUALS, BUSINESSES AND GOVERNMENT |
| CE.9c – Name five characteristics of the U.S. economy. | FREE MARKETS; PRIVATE PROPERTY; PROFIT; COMPETITION; CONSUMER SOVEREIGNTY |
| CE.9c – One characteristic of the U.S. economy is free markets. This means: | MARKETS ARE ALLOWED TO OPERATE WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT. |
| CE.9c – One characteristic of the U.S. economy is private property. This means: | INDIVIDUALS AND BUSINESSES HAVE THE RIGHT TO OWN PERSONAL PROPERTY AS WELL AS THE MEANS OF PRODUCTION WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT. |
| CE.9c – One characteristic of the U.S. economy is profit. Profit consists of: | EARNINGS AFTER ALL EXPENSES HAVE BEEN PAID |
| CE.9c – One characteristic of the U.S. economy is competition. This means - | RIVALRY BETWEEN PRODUCERS/SELLERS OF A GOOD OR SERVICE RESULTS IN BETTER QUALITY GOODS AND SERVICES AT A LOWER PRICE |
| CE.9c – One characteristic of the U.S. economy is consumer sovereignty.. This means: | CONSUMERS DETERMINE THROUGH PURCHASES, WHAT GOODS AND SERVICES WILL BE PRODUCED |
| CE.9c – Free markets are markets that are allowed to operate without ____ ___ from the government. | UNDUE INTERFERENCE |
| CE.9c – Competition results in: | BETTER QUALITY GOODS AND SERVICES AT A LOWER PRICE |
| CE.9c – In the U.S., who determines through purchases, what goods and services will be produced? | CONSUMERS |
| CE.10a –A form of business organization with one owner who takes all the risks and all the profits | PROPRIETORSHIP |
| CE.10a – A form of business organization with two or more owners who share the risks and the profits | PARTNERSHIP |
| CE.10a – A form of business organization that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits. Owner liability is limited to investment. | CORPORATION |
| CE.10a – A person who takes a risk to produce goods and services in search of profit | ENTREPRENEUR |
| CE.10a – In a proprietorship, who takes all the risks and all the profits? | A SINGLE OWNER |
| CE.10a – A business partnership has ___ ____ who share the risks and the profits. | TWO OR MORE OWNERS |
| CE.10a – A corporation is a form of business that is authorized by law, regardless of the number of owners, to act as: | A LEGAL PERSON |
| CE.10a – In which form of business is owner liability limited to investment? | CORPORATION |
| CE.10a – What would be the benefit for a business owner of turning his business into a corporation? | IF THE BUSINESS FAILS, THE OWNER WON’T LOSE HIS PERSONAL SAVINGS BECAUSE HIS LIABILITY IS LIMITED TO INVESTMENT. |
| CE.10b – In the U.S. economy, what flows continuously among households, businesses and markets? | RESOURCES, GOODS AND SERVICES |
| CE.10b – What do individual and business savings do for the economy? | PROVIDE FINANCIAL CAPITAL THAT CAN BE BORROWED FOR BUSINESS EXPANSION AND INCREASED CONSUMPTION |
| CE.10b – Businesses (producers) buy ____; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more ____. | RESOURCES - RESOURCES |
| CE.10b – Governments use ___ ___ from individuals and businesses to provide public goods and services. | TAX REVENUE |
| CE.10c – How do financial institutions like banks encourage saving and investing? | PRIVATE FINANCIAL INSTITUTIONS ACT AS INTERMEDIARIES BETWEEN SAVERS AND BORROWERS.THEY OFFER INTEREST TO THOSE WHO SAVE IN ORDER AND ARE PAID INTEREST BY THOSE WHO BORROW. |
| CE.10c – What are some examples of private financial institutions? | BANKS, SAVINGS AND LOANS, CREDIT UNIONS, AND SECURITIES BROKERAGES |
| CE.10c – Banks receive deposits and make ____ . | LOANS |
| CE.10d – Worldwide markets, buying and selling of goods and services by all nations. | GLOBAL ECONOMY |
| CE.10d – Why do Virginia and the United States trade with other nations? | TO INCREASE WEALTH |
| CE.10d – Why do states and nations trade? | TO OBTAIN GOODS AND SERVICES THEY CANNOT PRODUCE OR PRODUCE EFFICIENTLY THEMSELVES; TO BUY GOODS AND SERVICES AT A LOWER COST OR A LOWER OPPORTUNITY COST; TO SELL GOODS AND SERVICES TO OTHER COUNTRIES; TO CREATE JOBS |
| CE.10d – Virginia and the United States _____in the production of certain goods and services. | SPECIALIZE |
| CE.10d – What is the impact of technological innovation on world trade? | CONTRIBUTE TO THE GLOBAL FLOW OF INFORMATION, CAPITAL, GOODS, AND SERVICES; LOWERS THE COST OF PRODUCTION. |
| CE.11a – The government both promotes and regulates ___ . | COMPETITION |
| CE.11a – How does the government promotes marketplace competition? | ENFORCING ANTITRUST LEGISLATION TO DISCOURAGE THE DEVELOPMENT OF MONOPOLIES; ENGAGING IN GLOBAL TRADE; SUPPORTING BUSINESS START-UPS |
| CE.11a – The government promotes competition by enforcing ____ legislation to discourage the development of monopolies. | ANTITRUST |
| CE.11a – What are three government agencies that oversee the way individuals and companies do business? | FCC (FEDERAL COMMUNICATIONS COMMISSION); EPA (ENVIRONMENTAL PROTECTION AGENCY); FTC (FEDERAL TRADE COMMISSION) |
| CE.11b – What are some examples of public goods and services? | INTERSTATE HIGHWAYS, POSTAL SERVICE, AND NATIONAL DEFENSE |
| CE.11b – Public goods and services provide benefits to many people, but would not be available if - | INDIVIDUALS HAD TO PROVIDE THEM |
| CE.11b – How do governments get the money to produce public goods and services? | THROUGH TAX REVENUE AND THROUGH BORROWED FUNDS |
| CE.11c – Where does Congress get the authority to tax personal and business incomes? | 16th AMENDMENT |
| CE.11c – The government can ___, ___, and ___ to influence economic activity. | TAX, BORROW AND SPEND |
| CE.11c – Government ____ _____ reduce the funds available for private and business spending. | TAX INCREASES |
| CE.11c – Government _____ ___ increase funds for private and business spending. | TAX DECREASES |
| CE.11c – The government can increase funds available for borrowing by individuals and businesses by - | REDUCING THE AMOUNT IT BORROWS |
| CE.11c – The government increases government borrowing in order to _____ funds available for borrowing by individuals and businesses. | REDUCE |
| CE.11c – Increased government spending _____ demand, which may ___ employment and production. | INCREASES, INCREASE |
| CE.11c – _____ government spending reduces demand, which may result in a ______ of the economy. | LESS , SLOWING |
| CE.11c – Increased government spending may result in _____ taxes. | HIGHER |
| CE.11c – Decreased government spending may result in _____ taxes. | LOWER |
| CE.11d – The FED is the - | FEDERAL RESERVE SYSTEM |
| CE.11d – The Federal Reserve System (Fed) is the ___ ___ of the United States. | CENTRAL BANK |
| CE.11d – The FED regulates the - | MONEY SUPPLY |
| CE.11d – The Federal Reserve bank acts as a banker’s bank by issuing currency and regulating the amount of _____ in circulation. | MONEY |
| CE.11d – What does the Fed do to slow the economy? | THE FED CAN RESTRICT THE MONEY SUPPLY, CAUSING INTEREST RATES TO RISE |
| CE.11d – Why would the Fed increase the money supply, causing interest rates to decline? | TO STIMULATE THE ECONOMY |
| CE.11d – What are three ways the Federal Reserve Bank can slow the economy? | INCREASE THE RESERVE REQUIREMENT; RAISE THE DISCOUNT RATE; SELL GOVERNMENT SECURITIES |
| CE.11d – What are three ways the Federal Reserve Bank can stimulate the economy? | LOWER THE RESERVE REQUIREMENT; LOWER THE DISCOUNT RATE; PURCHASE GOVERNMENT SECURITIES |
| CE.11e –How does the U.S. government protect consumer rights and property rights? | THE GOVERNMENT PASSES LAWS AND CREATES AGENCIES TO PROTECT CONSUMER RIGHTS AND PROPERTY RIGHTS |
| CE.11e –Individuals have the right of private ownership, which is protected by - | NEGOTIATED CONTRACTS THAT ARE ENFORCEABLE BY LAW |
| CE.11e –How is private property protected? | BY NEGOTIATED CONTRACTS THAT ARE ENFORCEABLE BY LAW |
| CE.11e – How is public health and safety protected? | GOVERNMENT AGENCIES ESTABLISH GUIDELINES THAT PROTECT PUBLIC HEALTH AND SAFETY. |
| CE.11e – How are consumer rights protected? | CONSUMERS MAY TAKE LEGAL ACTION AGAINST VIOLATIONS OF CONSUMER RIGHTS. |
| CE.12a-d – When selecting a career, one should be aware of one’s individual talents, interests, and aspirations. Career planning starts with - | SELF-ASSESSMENT |
| CE.12a-d – Employers want hard-working employees. They want employees who have -- | A STRONG WORK ETHIC |
| CE.12a-d – What is the relationship between skills, education, and income? | HIGHER SKILL(S) AND/OR EDUCATION LEVEL(S) GENERALLY LEAD TO HIGHER INCOMES |
| CE.12a-d – Job income is influenced by education, skills and - | SUPPLY AND DEMAND (JOBS IN HIGHER DEMAND AND SHORTER SUPPLY WILL PAY MORE) |
| CE.12a-d – What kind of advancements create new jobs in the workplace? | TECHNOLOGICAL ADVANCEMENTS |
| CE.12a-d – ____ seek individuals who have kept pace with technological changes. | EMPLOYERS |
