Goods and Services Flashcards
Government goods and services provide ____ to many ____.
- benefits
- simultaneously
Government goods and services would ____ likely be available if ____ had to provide them.
- not
- individuals
Government goods and services 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
The 4 ways governments pay for public goods and services:
- tax revenue
- borrowed funds
- fees (e.g., National Park entrance fees)
- fines
____ provides certain ____ and ____ that individuals and businesses acting alone cannot provide efficiently
- Government
- goods
- services
What does levied mean?
imposed
What does revenue mean?
income
Definition of Income Tax
payments made by individuals and corporations based on income received
Definition of Sales Tax
a tax consumers pay on many items they purchase. It is a percentage of the sale price.
Definition of Property TAx
a tax levied on land and buildings. Property tax may also be levied on personal property, such as boats or cars.
Income tax is payments made by ____ and corporations based on ____ received.
- individuals
- income
Sales tax is a tax consumers pay on many items they ____. It is a percentage of the ____ price.
- purchase
- sale
Property tax is a tax levied on ____ and ____. Property tax may also be levied on ____ ____, such as boats and cars.
- land
- buildings
- personal property
Main source of revenue for Federal level of government?
Income tax
Main source of revenue for State level of government?
Income & sales tax
Main source of revenue for County, Townships and Cities level of government?
Property & 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 ____ ____ recipients
- 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.
KEY TOPIC: What is the structure and function of the ____ ____ _____ (FED) and how does it act as the nation’s ____ bank?
- Federal Reserve System
- central
The FED regulates ____ to ensure the soundness (condition) of the ____ system and safety of ____.
- banks
- banking
- deposits
The FED influences the ____ supply and INTEREST RATES in the economy to try to keep INFLATION ____ and stable
- money
- low
The FED provides financial services to banks and FEDERAL ____.
Government
The FED consists of a ____ of ____ and ____ federal reserve banks.
- Board
- Governors
- 12
The FED chairperson is appointed by the ____ and approved by the _____.
- President
- Senate
The ____ ____ ____ is our nation’s central bank.
FED
KEY TOPIC: How does the ____ provide regulations to protect consumers, labor, the environment and competition in the _____?
- government
- marketplace
A ____ right is a legal claim of ____
- property
- ownership
____ helps define and enforce ____ rights
- Government
- property
STAR: Property ownership is protected by negotiated ____ that are enforceable by ___.
- contracts
- law
The property right/ownership process helps beneficial ____ take place.
exchange
Government ____ establish ____ that protect public health, safety, and promote ____.
- agencies
- regulations
- competition
STAR: Consumers may take ____ ____ against violations of consumers rights.
- legal action
What are the 2 government agencies that protect CONSUMERS
- Consumer Product Safety Commission (CPSC)
- Food and Drug Administration (FDA)
What are the 2 government agencies that protect LABOR?
- Occupational Safety and Health Administration (OHSA)
- Equal Employment Opportunity Commission (EEOC)
What is the government agencies that protects the ENVIRONMENT?
Environmental Protection Agency (EPA)
The US _____ passess ____ and creates _____ to protect consumer rights and property rights, competition in the marketplace, labor and the environment.
- government
- laws
- agencies
When the US _____ issues coins and ____ people accept it in exchange for ____ and _____ because they have ____ in the ______.
- currency
- goods
- services
- confidence
- government
____ acts as a medium of exchange, making ____ easier.
- Money
- trade
____ acts as a store of value, making it easier to ____ and ____.
- Money
- save
- invest
Money acts as a measure of value, making it easier to compare the ________?
value of goods and services.
The 3 types of money generally used in the US are?
- coins
- currency
- deposits in bank accounts (access by check and debit card)
____ is defined as anything that is generally accepted as a method of ____ for goods and services.
- Money
- payment
____ makes it easier to _____, ____, ____, and ____ and to compare the value of goods and services.
- Money
- trade
- borrow
- save
- invest
_____ captial refers to the combination of a person’s what (7 things?_
- Human
1) education
2) knowledge
3) skill
4) experience
5) health
6) training
7) talent
People develop their HUMAN CAPITAL through FORMAL and INFORMAL ____.
education
People who have ____ in their own HUMAN CAPITAL have the potential to ____ more, ____ more, and choose a ____ that is satisfying to them.
- invested
- produce
- earn
- career
An awareness of _____. _____ and _____ is needed to select a career
- talents
- interests
- aspirations
Career planning start with ____ assessment
self
Attitudes and behaviors that support a strong ____ ____ enhance career success.
work ethic
Employers seek employees who demonstrate the ____ and ____ of a strong work ethic.
- attitudes
- behaviors
There is correlation among ____, ____ and ____.
- skills
- education
- income
____ skills/education level generally lead to ____ incomes.
- higher
- higher
____ and ____ also influence job income.
- supply
- demand
Changes in ____ influence the abilities, skills, and education needed in the ____ ____.
- Technology
- Work force
Employers seek individuals who have kept pace with ____ changes by updating their ___.
- technological
- skills
TEchnological advancements create new ____ in the workplace
jobs
____ and ____ flows permit peopel to work across ____ ____
- Technology
- information
- International Borders
The ability to work across international borders creates ____ from foreign workers for US jobs.
competition
The ability to work across international borders also may create ____ for US workers to work for companies based in other ____.
- opportunities
- countries
Being ___ responsible includes:
- making careful ____ decisions
- ___ and ____ for the future
- having _____
- keeping to a _____
using ____ wisely
- fiscally
- spending
- saving, investing
- insurance
- budget
- credit
Being _____ responsible also means understanding how:
- _____
- ______
- ____
can protect the individual
- fiscally
- contracts
- warranties
- guarantees
What are the 3 ways governments promote marketplace competition
- enforcing anti-trust legislation
- engaging in global trade
- supporting business startups
What agency regulates communition
FCC
What agency regulates trade
FTC
What agency regulates investors and banks
SEC
The FCC regulates what?
communication
The FTC regulates what?
trade
The SEC regulates what?
investors and banks
T/F: most economic decisions in the US are made in the marketplace
True
What 2 things does the government issue that people accept in exchange for goods and services
- coins
- currency
T/F: Government agencies establish regulations that protect public health and safety and promote competition
True
T/F: Consumers may take legal action against violations of consumers rights
True
T/F: A property right is a legal claim of ownership
True
T/F: Government helps define and enforce property rights
True
T/F: Property ownership is protected by negotiated contracts that are enforceable by law.
True
