Government Spending
What type of tax is paid for by people and businesses based on how much money they make?
Income tax
Education is an example of a _____ good or service
Whereas Defense is an example of a _______ good or service
State, Federal
What is a legally binding agreement that protects both parties that sign it?
Contract
What is the FED? (Federal Reserve)
Main bank of the nation
Who provides public goods and services?
Government
What type of tax is paid on things you buy
Sales Tax
Name the three main types of currency in the USA
Coins
Federal Reserve Notes
Deposits in checking accounts
The government promotes antitrust legislation to prevent what?
Monopolies
Who prints money in the USA?
Federal Reserve
Which organization protects the environment
EPA
Why does the government provide certain goods and services?
Because we can't provide them efficiently ourselves
What are the four ways the government pays for goods and services?
Taxes
Borrowed funds
Fees
Fines
Why do government agencies establish regulations
To promote public health and safety
The chairperson of the FED is selected by the __________ and approved by the ______
President, Senate
Which two organizations protect consumers?
CPSC and FDA
What are two main examples of public goods and services?
Defense, Education
The fact that money makes it easier to compare the value of goods and services means that money acts as a _______ __ _____
Measure of value
Who handles false advertising claims
FTC
How does the FED try to control inflation?
By controlling the amount of money in the economy and interest rates
Which two organizations protect labor?
EEOC and OSHA
Name the main source of revenue for the federal, state and local governments
Federal-Income Tax
State- Income and Sales Tax
Local- Sales and Local Tax
Why do we accept money issued by the US government?
Because we have confidence/trust in the government
Explain what the FCC, SEC, and FTC do
FCC- Regulates media
SEC- Regulates stock market to protect investors
FTC- Protects consumers and enforces antitrust laws
What does FED stand for? (Federal Reserve ______)?
System. Federal Reserve System
What are the three ways the government promotes competition?
Promoting Global Trade
Making antitrust laws
Encouraging business start ups