| A | B |
|---|
| Rivalry between producers/ sellers of a good or service. This results in better quality of goods and services at a lower price | competition |
| the combining of human, natural, capital and entrepreneurship resources to make goods and provide services | production |
| factors of production that are used in the production of goods and services. | resources |
| what is given up when a choice is made-- the highest valued alternative forgone | opportunity cost |
| the inability to satisfy all wants at the same time. All resources and goods are limited. This requires choices be made | scarcity |
| determines price-- the amount of a good or service that consumers are willing and able to buy balanced with the amount of a good or service that producers are willing able to sell at a certain price | supply and demand |
| This term means to influence legislators to vote for or against a biil | lobbying |
| What are the two ways of obtaining citizenship in the United States of America? | Birth and Naturalization |
| What branch of government prepares the annual budget? | Executive Branch |
| What branch of government approves the budget? | Legislative Branch |
| Who makes ordinances for counties? | Board of Supervisors |
| The Articles of Confederation maintained that the major power resided where? | The States |
| In which early document were the colonists guaranteed the rights of Englishmen? | Charters of the Virginia Company of London |
| What groups recruit and nominate candidates for public office? | Political Parties |
| This document affirmed rights such as life, liberty, and the pursuit of happiness. | Declaration of Independence |
| What is the name of the group that make ordinances in Hampton? | City Council |
| Citizens volunteering with democratic institutions (e.g. League of Women Voters) are said to participate in this type of services. | Community Services |
| Name the two houses of the General Assembly? | House of Delegates/ VA Senate |
| Name the two houses of the United States Congress. | House of Representative/ Senate |
| Which constitutional amendment defines citizenship? | 14th Amendment |
| This group serves as an intermediaries between savers and borrowers. | Private Financial Institutions |
| The distribution of goods, services, resources and money among households, businesses and the government is known as--- | Economic (Circular) Flow |
| Who can veto acts of Congress? | President |
| Who approves and can impeach federal judges? | Congress |
| Who can declare acts and laws unconstitutional? | The Supreme Court |
| What is the name of the group that regulates banks in the United States? | Federal Reserve |
| What is the worldwide market where there is buying and selling by all nations called? | Global Economy |
| A criminal case determine guilt or innocence of what two types of crimes? | Felony and Misdemeanors |
| Who adopts the budget for the city of Hampton? | City Council |
| Name the four offices the Virginia Constitution requires all local governments to elect. | Treasure, Sheriff, Comm of Revenue, Clerk of Circuit Court |
| The constitutional protection against unfair governmental actions and laws | Due Process |
| A list of local government powers are found in this document. | Charter |
| Where should career planning start? | Self Assessment |
| Which US Constitutional Amendment authorize Congress to tax income? | 16th Amendment |
| What type of economy offers the consumer fewer choices? | Command Economy |
| What are the three types of money generally used in the United States? | Coins, Federal Reserve Notes, and Bank Deposits (Debit Cards and Checks) |
| What document is the supreme law of the land? | United States Constitution |
| Name four types of resources used in the production of goods and services. | Human, Natural, Capital, Entrepreneurship |
| Private financial institutions serve as intermediaries between what two groups? | Savers and Borrowers |
| What type of business has one owner who takes all the risk and all the profits? | Proprietorship |
| People elect public officeholders to make laws and conduct government on their behalf | Representative Government |
| The government and those who govern are bound by the law | Rule of Law |
| People are the source of any and all government power | Consent of the Governed |
| System on government where the people rule | Democracy |
| Government is not all powerful and may only do those things the people have given it the power to do | Limited Government |
| Name three ways the government generate revenue. | Tax, Borrow, Fees |
| This economic system has minimal government involvement. | Free market |
| Who controls the private sector in a mixed economy. | Individuals and Businesses |
| Who controls the public sector in mixed economy. | The Government |
