Businesses
What is opportunity cost?
What is given up when a choice is made.
Who has original jurisdiction of a felony criminal case in Virginia?
Circuit Court
In the United States economy, how are prices determined?
By supply and demand. Individual buyers and sellers interact in the marketplace.
What is the inability to satisfy all the wants at the same time?
Scarcity
What are some of the ways that the media influences public policy and policymakers?
Focus attention on selected issues/ offer a forum for opposing viewpoints/ hold government officials accountable to the public
What are some characteristics of a traditional economy?
Economic decisions based on custom and historical precedent, people often tend to do the same work as their parents and grandparents, regardless of potential or ability.
When a plaintiff files a complaint to recover $100 in damages, is this a civil or criminal case?
Civil
If the United States economy is primarily a free market economy, why is it characterized as a mixed economy?
Because there is some government involvement.
In an economic system, what are things that incite or motivate called?
Incentives
Which 2 amendments to the U.S. Constitution offer protection from unfair governmental actions and laws?
5th and 14th amendments (due process protections)
What is a form of business organization with one owner taking all the risks and profits?
Proprietorship
The right of private ownership for individuals in the United States is protected by what?
Negotiated contracts- that are enforceable by law
When does the government intervene in a market economy?
When the perceived benefits of a government policy outweigh the anticipated costs.
In the economic flow, what role do businesses have?
They buy resources/ make products that are sold to individuals, other businesses and the government/ they then use the profits to buy more resources.
What attitudes and behaviors do employers often seek of employees?
Those that support a strong work ethic.
Name four types of resources used in the production of goods and services.
Natural, human, capital, and entrepreneurship
Who has the power of judicial review?
Supreme courts of the United States and Virginia
Name five essential characteristics of the U.S. economy.
Government
Private property
Profit
Competition
Consumer sovereignty
Using goods and services is called what?
Consumption
To what two documents must Virginia laws conform?
Virginia and U.S. Constitutions
What are most economies today- including the United States?
Mixed Economy
A criminal case determines guilt or innocence of what times of crime? Which is more serious?
Misdemeanor and felony
felony
True or False?
The Federal Reserve System deregulates banks to ensure the soundness of the banking system and the safety of deposits.
False- regulates banks
Who is a person who takes risk to produced and sell goods and services in search of a profit?
Entrepreneur
What document is the supreme “law of the land”?
Constitution of the United States