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Government and Economy Review: Key Concepts and Agencies

Explore the role of government in providing public goods and services, promoting competition, and managing the economy. Learn about key agencies like the FTC, EPA, and FCC, and how they regulate businesses. Understand the impact of government actions on marketplace competition and global trade. Discover the influence of the Federal Reserve Bank on economic stimulation and regulation.

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Government and Economy Review: Key Concepts and Agencies

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  1. 4th 9-weeksReview

  2. Government and EconomyCE.11 a-dWorkforce and CareersCE.10 dCE.12 a-d

  3. What does the FTC stand for?

  4. Federal Trade Commission

  5. Name 3 examples of public goods and services.

  6. Interstate HighwaysPostal ServiceNational Defense

  7. Why does the government provide public goods and services?

  8. Would not be available if individuals had to provide them

  9. What has contributed to the global flow of information, capital, and goods and services?

  10. Innovations in Technology (Internet)

  11. Who use tax revenue from individuals and businesses to provide public goods and services?

  12. governments

  13. Who promotes and regulates competition?

  14. The government

  15. What does EPA stand for?

  16. Environmental Protection Agency

  17. What does FCC stand for?

  18. Federal Communications Commission

  19. Tell the three government agencies that regulate business.

  20. FCCEPAFTC

  21. Give three ways the government promotes marketplace competition.

  22. 1. Enforcing antitrust legislation to discourage the development of monopolies2. Engaging in global trade3. Supporting business start-ups

  23. Which Amendment to the Constitution of the United States of America authorizes Congress to tax incomes (personal and business)?

  24. 16th Amendment

  25. What do we call worldwide markets in which the buying and selling of goods and services by all nations takes place?

  26. Global Economy

  27. Give three reasons why states and nations trade.

  28. 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.

  29. Virginia and the United States ___________ in the production of certain goods and services which promotes efficiency and growth.

  30. specialize

  31. What reduces funds available for borrowing by individuals and businesses?

  32. Increased government borrowing

  33. What increases funds available for borrowing by individuals and businesses?

  34. Decreased government borrowing

  35. What may result in lower taxes?

  36. Decreased government spending

  37. What might result in higher taxes?

  38. Increased government spending

  39. What reduces demand, which may result in a slowing of the economy?

  40. Decreased government spending

  41. What increases demand, which may increase employment and production?

  42. Increased government spending

  43. What increase funds for private and business spending?

  44. Government tax decreases

  45. What reduce the funds available for private and business spending?

  46. Government tax increases

  47. Give three ways the Federal Reserve Bank slows the economy.

  48. Increases the reserve requirement.2. Raises the discount rate.3. Sells government securities.

  49. Give three ways the Federal Reserve Bank stimulates the economy.

  50. Lowers the reserve requirement.2. Lowers the discount rate.3. Purchases government securities.

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