Global Economy and Gov't Agencies/Goods Flashcards
Worldwide markets in which the buying and selling of goods and services by all individuals, nations and businesses takes place
Global Economy
The Global Economy is the worldwide ____ in which the buying and selling of ____ and ____ by all individuals, nations and businesses takes place.
- markets
- goods
- servicers
States and nations trade to obtain (get) ____ and ____ they cannot ____ or produce efficiently themselves (to get “stuff” they don’t have
- goods
- services
- produce
States and nations trade to buy ____ and ____ at a lower ____ or lower ____ cost. (to get “stuff” cheaper)
- goods
- services
- cost
- opportunity
States and nations trade to sell ____ and ____ to other countries (to make money)
- goods
- services
States and nations trade to create ____ (to make sure our people have money)
jobs
What are the 4 reasons that states and nations trade
- get “stuff” they don’t have
- get “stuff” cheaper
- make money
- make sure our people have money
____ and the US ____ in the production of certain ____ and ____ which promotes efficiency and ____
- Virginia
- specialize
- goods
- services
- growth
innovations in technology (e.g., the internet) contribiute to the ____ flow of information, ____, ____ and services
- global
- capital
- goods
____ and the US pursue interational ____ in order to INCREASE ____.
- Virginia
- trade
- wealth
Marketplace
a place where buying and selling happens
a place where buying and selling happens
marketplace
Anti-trust legislation
prohibit a variety of practices that limit trade & stop monopolies
prohibit a variety of practices that limit trade & stop monopolies
anti-trust legislations
Monopoly
total control
total control
monopoly
Ways the Government promotes marketplace competition
- ____ and ____ antitrust legislation to discourage the development of ____
- ____ policies that encourage ____ trade
- ____ business start-ups
- establishing
- enforcing
- monopolies
- enacting
- global
- supporting
Government agencies that regulate and promote competition in the markeplace
- ______
- _____
- _____
- Federal Communications Commission (FCC)
- Securities and Exchange Commission (SEC)
- Federal Trade Commission (FTC)
Organization that regulates broadcasting and communication
FCC
FCC
Organization that regulates broadcasting and communication
Organization that protects investors and the national banking system
SEC
SEC
Organization that protects investors and the national banking system
Organization that investigates illegal practices in interstate TRADE, such as price-fixing or false advertising
FTC
FTC
Organization that investigates illegal practices in interstate TRADE, such as price-fixing or false advertising
FCC, SEC and FTC oversee ______
the way individuals and companies do business
The ____ promotes and regulates ____
- Government
- competition
Government goods and services provide ____ to many ____
- Benefits
- Simultaneously
Goods and services provided by the Government would ____ likely be available if ____ had to provide them
- Not
- Individuals
Goods and services provided by the Government include such things as
- _____ highways
- public ____
- national ____
- Postal ____
- Interstate
- Schools
- Defense
- Service
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
- marketplace
- government
- goods
- services
Ways governments pay for public goods and services
- Tax revenue
- borrowed fudns
- fees (e.g., National Park entrace fees)
- Fines
____ provides certain ____ and ____ that individuals and business acting alone cannot provide efficiently
- Government
- Goods
- Services
Levied
to impost
To impose
levied
Revenue
income
What are the different types of taxes
- Income Tax
- Sales Tax
- Property Tax
Income Tax
payments made by individuals and corporations based on income received
Income tax is payments made by ____ and corporations based on ____ received
- individuals
- income
Sales Tax
A tax consumers pay on many items they puchase. It is a percentage of the sale price.
Sales tax is a tax consumers pay on many items they ____. It is a percentage of the ____ price
- Purchase
- Sale
Property Tax
A tax levied on land and buildings.
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 ____
- land
- buildings
- personal property
- individuals
- businesses
Main source of revenue for each level of government
- Federal: ____
- State: ____
- Local (County, Township, City): ____
- Income Tax
- Income and Sales Tax
- Property and Sales Tax
Local, state and federal ____ determine how best to use and allocate the ____ they collect
- Governments
- Money
Federal Government pays for services such as:
- National ____ and Homeland ____
- Some ____ expenditures
- ____ payments on national debt
- Payments to ____ receipients
- Defense, Security
- Medical
- Interest
- social security
Most State and Local Government revenue is spent on
- ____
- Public ___ and ____
____ construction and repair
- Public ____ (including police officers and fire department)
- Education
- Health, welfare
- Road
- Safety
Every level of Government (____, ____, and ____) requires ____ to pay for goods and services ____ by the Government
- Federal
- State
- Local
- revenue
- provided
____ and ____ levied on individuals and businesses are the ____ source of ____
- Taxes
- Fees
- Major
- Income
