The Federal Budget
Local Budgets
Government Regulation and Consumer Protection 1
Government Regulation and Consumer Protection 2
Potpourri
100
The primary source of government revenue.
What is taxes?
100
A tax is placed on the purchase of goods and services.
What is a sales tax?
100
The exclusive (or singular) possession or control of the supply or trade in a particular commodity, industry, or service.
What is a monopoly?
100
NAFTA is a North American example of this type of agreement, which intends to minimize and/or eliminate barriers to trade.
What is a free-trade agreement?
100
Two of the three biggest sources of tax revenue for the federal government.
What are federal income, Social Security, and corporate income taxes?
200
The result when government spending exceeds revenue.
What is a (budget) deficit?
200
Taxes placed on real estate to fund public services and projects (e.g. public schools).
What are property taxes?
200
The federal government regulates this wage, currently set at $7.25/hr (though many states and localities require more).
What is the minimum wage?
200
The government sets these, including price ceilings (maximums) and price floors (minimums) to protect consumers and laborers.
What are price ceilings?
200
The consolidation of smaller businesses into larger ones (May be vertical or horizontal).
What is a (business) merger?
300
The result when government revenue exceeds spending?
What is a (budget) surplus?
300
"Taxes" incurred for minor violations of state laws and local ordinances (e.g. traffic tickets).
What are fines?
300
The control of a commodity, industry, trade or service by a relative few (e.g. American auto makers).
What is an oligopoly?
300
This federal regulatory agency develops and enforces industry standards, recalls unsafe consumer products, researches potential product hazards, educates consumers, etc. for the purpose of public safety.
What is the CPSC (Consumer Product Safety Commission)?
300
The Food & Drug Administration (FDA) and Environmental Protection Agency (EPA) are two examples of this type of governmental agency.
What are (executive) regulatory agencies?
400
The result of successive years of federal spending exceeding its revenue. It currently stands at approximately $17 trillion.
What is (federal) debt?
400
"Taxes" applied to certain activities or privileges (e.g. on a fishing license or vehicle registration).
What are user fees?
400
Some "natural" or legal monopolies, which the government regulates, exist. These are examples of such.
What are utilities (and at one time, the USPS), among others?
400
Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition.
What is (economic) protectionism?
400
A large business organization that consists of a number of companies that deal with a variety of different business, manufacturing, or commercial activities
What is a (business) conglomerate?
500
Three federal spending programs that account for over half of all federal expenses.
What are Social Security, health care (Medicare and Medicaid), and defense?
500
These are issued and sold by local governments to fund local projects and services.
What are (municipal) bonds?
500
A landmark federal law passed by Congress in 1890. It prohibits certain business activities that federal government regulators deem to be anti-competitive. It originally targeted Standard Oil and other "Gilded Age" businesses. It has since been used to oppose the merger of businesses that could potentially harm competition.
What is the Sherman Antitrust Act?
500
Caution: Contents HOT!
What is a consumer warning label?
500
Two of the ways the government makes domestic businesses more competitive: taxing imports and setting limits on imports.
What are tariffs and quotas?
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