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Civics > Goods and Services > Flashcards

Goods and Services Flashcards

1
Q

Government goods and services provide ____ to many ____.

A
  • benefits
  • simultaneously
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2
Q

Government goods and services would ____ likely be available if ____ had to provide them.

A
  • not
  • individuals
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3
Q

Government goods and services include such things as:
- ____ highways
- public ____
- national ____
- postal ____

A
  • interstate
  • schools
  • defense
  • service
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4
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
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5
Q

The 4 ways governments pay for public goods and services:

A
  • tax revenue
  • borrowed funds
  • fees (e.g., National Park entrance fees)
  • fines
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6
Q

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

A
  • Government
  • goods
  • services
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7
Q

What does levied mean?

A

imposed

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8
Q

What does revenue mean?

A

income

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9
Q

Definition of Income Tax

A

payments made by individuals and corporations based on income received

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10
Q

Definition of Sales Tax

A

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

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11
Q

Definition of Property TAx

A

a tax levied on land and buildings. Property tax may also be levied on personal property, such as boats or cars.

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12
Q

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

A
  • individuals
  • income
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13
Q

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

A
  • purchase
  • sale
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14
Q

Property tax is a tax levied on ____ and ____. Property tax may also be levied on ____ ____, such as boats and cars.

A
  • land
  • buildings
  • personal property
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15
Q

Main source of revenue for Federal level of government?

A

Income tax

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16
Q

Main source of revenue for State level of government?

A

Income & sales tax

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17
Q

Main source of revenue for County, Townships and Cities level of government?

A

Property & sales tax

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18
Q

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

A
  • governments
  • money
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19
Q

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

A
  • defense, security
  • medical
  • interest
  • social security
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20
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
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21
Q

Every LEVEL of government: ____, ____, and ____ requires ____ to pay for goods and services ____ by the government.

A
  • federal
  • state
  • local
  • revenue
  • provided
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22
Q

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

A
  • Taxes
  • Fees
  • major
  • income.
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23
Q

KEY TOPIC: What is the structure and function of the ____ ____ _____ (FED) and how does it act as the nation’s ____ bank?

A
  • Federal Reserve System
  • central
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24
Q

The FED regulates ____ to ensure the soundness (condition) of the ____ system and safety of ____.

A
  • banks
  • banking
  • deposits
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25
Q

The FED influences the ____ supply and INTEREST RATES in the economy to try to keep INFLATION ____ and stable

A
  • money
  • low
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26
Q

The FED provides financial services to banks and FEDERAL ____.

A

Government

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27
Q

The FED consists of a ____ of ____ and ____ federal reserve banks.

A
  • Board
  • Governors
  • 12
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28
Q

The FED chairperson is appointed by the ____ and approved by the _____.

A
  • President
  • Senate
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29
Q

The ____ ____ ____ is our nation’s central bank.

A

FED

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30
Q

KEY TOPIC: How does the ____ provide regulations to protect consumers, labor, the environment and competition in the _____?

A
  • government
  • marketplace
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31
Q

A ____ right is a legal claim of ____

A
  • property
  • ownership
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32
Q

____ helps define and enforce ____ rights

A
  • Government
  • property
33
Q

STAR: Property ownership is protected by negotiated ____ that are enforceable by ___.

A
  • contracts
  • law
34
Q

The property right/ownership process helps beneficial ____ take place.

A

exchange

35
Q

Government ____ establish ____ that protect public health, safety, and promote ____.

A
  • agencies
  • regulations
  • competition
36
Q

STAR: Consumers may take ____ ____ against violations of consumers rights.

A
  • legal action
37
Q

What are the 2 government agencies that protect CONSUMERS

A
  • Consumer Product Safety Commission (CPSC)
  • Food and Drug Administration (FDA)
38
Q

What are the 2 government agencies that protect LABOR?

A
  • Occupational Safety and Health Administration (OHSA)
  • Equal Employment Opportunity Commission (EEOC)
39
Q

What is the government agencies that protects the ENVIRONMENT?

A

Environmental Protection Agency (EPA)

40
Q

The US _____ passess ____ and creates _____ to protect consumer rights and property rights, competition in the marketplace, labor and the environment.

A
  • government
  • laws
  • agencies
41
Q

When the US _____ issues coins and ____ people accept it in exchange for ____ and _____ because they have ____ in the ______.

A
  • currency
  • goods
  • services
  • confidence
  • government
42
Q

____ acts as a medium of exchange, making ____ easier.

A
  • Money
  • trade
43
Q

____ acts as a store of value, making it easier to ____ and ____.

A
  • Money
  • save
  • invest
44
Q

Money acts as a measure of value, making it easier to compare the ________?

A

value of goods and services.

45
Q

The 3 types of money generally used in the US are?

A
  • coins
  • currency
  • deposits in bank accounts (access by check and debit card)
46
Q

____ is defined as anything that is generally accepted as a method of ____ for goods and services.

A
  • Money
  • payment
47
Q

____ makes it easier to _____, ____, ____, and ____ and to compare the value of goods and services.

A
  • Money
  • trade
  • borrow
  • save
  • invest
48
Q

_____ captial refers to the combination of a person’s what (7 things?_

A
  • Human
    1) education
    2) knowledge
    3) skill
    4) experience
    5) health
    6) training
    7) talent
49
Q

People develop their HUMAN CAPITAL through FORMAL and INFORMAL ____.

A

education

50
Q

People who have ____ in their own HUMAN CAPITAL have the potential to ____ more, ____ more, and choose a ____ that is satisfying to them.

A
  • invested
  • produce
  • earn
  • career
51
Q

An awareness of _____. _____ and _____ is needed to select a career

A
  • talents
  • interests
  • aspirations
52
Q

Career planning start with ____ assessment

A

self

53
Q

Attitudes and behaviors that support a strong ____ ____ enhance career success.

A

work ethic

54
Q

Employers seek employees who demonstrate the ____ and ____ of a strong work ethic.

A
  • attitudes
  • behaviors
55
Q

There is correlation among ____, ____ and ____.

A
  • skills
  • education
  • income
56
Q

____ skills/education level generally lead to ____ incomes.

A
  • higher
  • higher
57
Q

____ and ____ also influence job income.

A
  • supply
  • demand
58
Q

Changes in ____ influence the abilities, skills, and education needed in the ____ ____.

A
  • Technology
  • Work force
59
Q

Employers seek individuals who have kept pace with ____ changes by updating their ___.

A
  • technological
  • skills
60
Q

TEchnological advancements create new ____ in the workplace

A

jobs

61
Q

____ and ____ flows permit peopel to work across ____ ____

A
  • Technology
  • information
  • International Borders
62
Q

The ability to work across international borders creates ____ from foreign workers for US jobs.

A

competition

63
Q

The ability to work across international borders also may create ____ for US workers to work for companies based in other ____.

A
  • opportunities
  • countries
64
Q

Being ___ responsible includes:
- making careful ____ decisions
- ___ and ____ for the future
- having _____
- keeping to a _____
using ____ wisely

A
  • fiscally
  • spending
  • saving, investing
  • insurance
  • budget
  • credit
65
Q

Being _____ responsible also means understanding how:
- _____
- ______
- ____
can protect the individual

A
  • fiscally
  • contracts
  • warranties
  • guarantees
66
Q

What are the 3 ways governments promote marketplace competition

A
  • enforcing anti-trust legislation
  • engaging in global trade
  • supporting business startups
67
Q

What agency regulates communition

A

FCC

68
Q

What agency regulates trade

A

FTC

69
Q

What agency regulates investors and banks

A

SEC

70
Q

The FCC regulates what?

A

communication

71
Q

The FTC regulates what?

A

trade

72
Q

The SEC regulates what?

A

investors and banks

73
Q

T/F: most economic decisions in the US are made in the marketplace

A

True

74
Q

What 2 things does the government issue that people accept in exchange for goods and services

A
  • coins
  • currency
75
Q

T/F: Government agencies establish regulations that protect public health and safety and promote competition

A

True

76
Q

T/F: Consumers may take legal action against violations of consumers rights

A

True

77
Q

T/F: A property right is a legal claim of ownership

A

True

78
Q

T/F: Government helps define and enforce property rights

A

True

79
Q

T/F: Property ownership is protected by negotiated contracts that are enforceable by law.

A

True

Civics (2 decks)

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