Transcript SOL Review

th
4
9-weeks
Review
Government and Economy
CE.11 a-d
Workforce and Careers
CE.10 d
CE.12 a-d
What does the FTC stand for?
Federal Trade Commission
Name 3 examples of public
goods and services.
Interstate Highways
Postal Service
National Defense
Why does the government
provide public goods and
services?
Would not be available if
individuals had to provide them
What has contributed to the
global flow of information,
capital, and goods and
services?
Innovations in Technology
(Internet)
Who use tax revenue from
individuals and businesses to
provide public goods and
services?
governments
Who promotes and regulates
competition?
The government
What does EPA stand for?
Environmental Protection
Agency
What does FCC stand for?
Federal Communications
Commission
Tell the three government
agencies that regulate business.
FCC
EPA
FTC
Give three ways the
government promotes
marketplace competition.
1. Enforcing antitrust legislation
to discourage the
development of monopolies
2. Engaging in global trade
3. Supporting business startups
Which Amendment to the
Constitution of the United States
of America authorizes Congress
to tax incomes (personal and
business)?
th
16
Amendment
What do we call worldwide
markets in which the buying and
selling of goods and services by
all nations takes place?
Global Economy
Give three reasons why states
and nations trade.
1. To obtain goods and services
they cannot produce or
produce efficiently
themselves.
2. To buy goods and services
at a lower cost or a lower
opportunity cost.
3. To sell goods and services
to other countries.
4. To create jobs.
Virginia and the United States
___________ in the production of
certain goods and services
which promotes efficiency and
growth.
specialize
What reduces funds available
for borrowing by individuals and
businesses?
Increased government
borrowing
What increases funds available
for borrowing by individuals and
businesses?
Decreased government
borrowing
What may result in lower taxes?
Decreased government
spending
What might result in higher
taxes?
Increased government
spending
What reduces demand, which
may result in a slowing of the
economy?
Decreased government
spending
What increases demand, which
may increase employment and
production?
Increased government
spending
What increase funds for private
and business spending?
Government tax decreases
What reduce the funds
available for private and
business spending?
Government tax increases
Give three ways the Federal
Reserve Bank slows the
economy.
1. Increases the reserve
requirement.
2. Raises the discount rate.
3. Sells government
securities.
Give three ways the Federal
Reserve Bank stimulates the
economy.
1. Lowers the reserve
requirement.
2. Lowers the discount rate.
3. Purchases government
securities.
What does the Federal Reserve
System regulate?
Money supply
What does the Federal Reserve
Bank act as by issuing currency
and regulating the amount of
money in circulation?
A banker’s bank
How does the Federal Reserve
Bank stimulate the economy?
It increases the money supply
causing interest rates to decline.
What is the central bank of the
United States?
The Federal Reserve System
(Fed)
How does the Federal Reserve
Bank slow the economy?
It restricts the money supply,
causing interest rates to rise.
Individuals have the right of
private ownership. How is this
private ownership protected?
It’s protected by negotiated
contracts that are enforceable
by law.
Government agencies establish
guidelines that protect public
_______ and _______.
Health and safety
Who may take legal action
against violations of consumer
rights?
consumers
Who passes laws and creates
agencies to protect consumer
rights and property rights?
The United States government
______ and ______ also influence
job income.
Supply and demand
Innovation in technology (e.g.
the Internet) contribute to
what?
The global flow of information,
capital, goods and services.
Use of technological innovations
does what to the cost of
production?
Lowers it
What does career planning start
with?
Self-assessment
Employers seek individuals who
have kept pace with what?
Technological change/skills
What kind of employees does
an employer seek?
Employees who demonstrate
the attitudes and behaviors of a
strong work ethic.
TRUE OR FALSE?
There is not a correlation
between skills, education and
income.
FALSE
What is needed to select a
career?
An awareness of individual
talents, interests and aspirations.
What do Virginia and the United
States do in order to increase
wealth?
Pursue international trade