| A | B |
|---|
| Who promotes and regulates competition? | US Government |
| Give 3 ways the government promotes competition. | 1)enforce anti-trust laws 2) engage in global trade 3) support business start ups |
| Name the 3 government agencies that regulate business. | FCC, FTC, EPA |
| What does FCC stand for? | Federal Communications Commission |
| Who provides public goods and services that individuals acting alone could not provide efficiently? | the government |
| Give 3 examples of public goods and services. | 1) highways 2) Post Office 3) National Defense |
| Give 3 ways governments produce public goods and services. | 1) taxes 2) borrowed funds 3) fees |
| What do the FCC, EPA and FTC oversee? | the way we do business |
| The government taxes, borrows and spends to influence what activity? | economic |
| What does EPA stand for? | Environmental Protection Agency |
| What does FTC stand for? | Federal Trade Commission |
| What government action reduces the funds (money) available for private and business spending? | increased taxes |
| What government action increases funds for private and business spending? | decreased taxes |
| What government action reduces funds available for borrowing by individuals and businesses? | increased government borrowing |
| What government action increases funds available for borrowing by individuals and businesses? | decreased government borrowing |
| What government action increases demand, which may increase employment and production? | increased government spending |
| What government action reduces demand, which may result in a slowing of the economy? | decreased government spending |
| What government action might result in higher taxes? | increased government spending |
| What government action might result in lower taxes? | decreased government spending |
| Which amendment to the US Constitution authorizes Congress to tax incomes? | 16th |
| Who passes laws and creates agencies to protect consumer rights and property rights? | US government |
| Individuals have the right of private ownership. How is this private ownership protected? | through negotiated contracts |
| Government agencies establish guidelines that protect public _____ and _____. | health, safety |
| Who may take legal action against violations of consumer rights? | consumers |
| What is the central bank of the United States? | Federal Reserve (FED) |
| Name 4 duties of the Federal Reserve Bank. | 1) maintain value of currency 2) regulate banks 3) manage money supply 4) act as the government's bank |
| This is defined as anything that is generally accepted as a method of payment. | money |
| Name 3 types of money generally used in the United States. | 1) currency 2) coins 3) deposits accessed by checks/debit cards |
| What is needed to select a career? | awareness of individual talents, aspirations and interests |
| What does career planning start with? | self assessment |
| What kind of employees does an employer seek? | those with a strong work ethic |
| What generally leads to higher incomes? | higher skill and education levels |
| What creates new jobs in the workplace? | technological advancements |
| Besides education and skill, what also influences job income? | supply and demand |
| Employers seek individuals who have kept pace with what? | technological change |
