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Civics > Global Economy and Gov't Agencies/Goods > Flashcards

Global Economy and Gov't Agencies/Goods Flashcards

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

A

Organization that regulates broadcasting and communication

21
Q

Organization that protects investors and the national banking system

A

SEC

22
Q

SEC

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

A

FTC

24
Q

FTC

A

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

25
Q

FCC, SEC and FTC oversee ______

A

the way individuals and companies do business

26
Q

The ____ promotes and regulates ____

A
  • Government
  • competition
27
Q

Government goods and services provide ____ to many ____

A
  • Benefits
  • Simultaneously
28
Q

Goods and services provided by the Government would ____ likely be available if ____ had to provide them

A
  • Not
  • Individuals
29
Q

Goods and services provided by the Government include such things as
- _____ highways
- public ____
- national ____
- Postal ____

A
  • Interstate
  • Schools
  • Defense
  • Service
30
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
31
Q

Ways governments pay for public goods and services

A
  • Tax revenue
  • borrowed fudns
  • fees (e.g., National Park entrace fees)
  • Fines
32
Q

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

A
  • Government
  • Goods
  • Services
33
Q

Levied

A

to impost

34
Q

To impose

A

levied

35
Q

Revenue

A

income

36
Q

What are the different types of taxes

A
  • Income Tax
  • Sales Tax
  • Property Tax
37
Q

Income Tax

A

payments made by individuals and corporations based on income received

38
Q

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

A
  • individuals
  • income
39
Q

Sales Tax

A

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

40
Q

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

A
  • Purchase
  • Sale
41
Q

Property Tax

A

A tax levied on land and buildings.

42
Q

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 ____

A
  • land
  • buildings
  • personal property
  • individuals
  • businesses
43
Q

Main source of revenue for each level of government
- Federal: ____
- State: ____
- Local (County, Township, City): ____

A
  • Income Tax
  • Income and Sales Tax
  • Property and Sales Tax
44
Q

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

A
  • Governments
  • Money
45
Q

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

A
  • Defense, Security
  • Medical
  • Interest
  • social security
46
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
47
Q

Every level of Government (____, ____, and ____) requires ____ to pay for goods and services ____ by the Government

A
  • Federal
  • State
  • Local
  • revenue
  • provided
48
Q

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

A
  • Taxes
  • Fees
  • Major
  • Income

Civics (2 decks)

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