EARLY AMERICA & COLONIAL BUSINESS
In early colonial life, most people lived on these and were fairly self-sufficient.
What are small farms?
These taxes on imported goods raise revenue and protect domestic products.
What are tariffs?
This economic system relies on private ownership, profit motive, and supply & demand.
What is capitalism?
This agency enforces truth-in-advertising laws and works against monopolies.
What is the FTC (Federal Trade Commission)?
This is the nickname for the U.S. central banking system.
What is the Fed / Federal Reserve System?
This 1787 document created one unified U.S. market and gave the federal government power over money and interstate commerce.
What is the U.S. Constitution?
Name one physical way the federal government supports business infrastructure.
What is building/maintaining roads?
In this competition type, many sellers offer nearly identical products at similar prices.
What is pure competition?
This agency sets and enforces workplace safety standards.
What is OSHA?
Name one of the Fed’s two main goals in its dual mandate.
What is stable prices (low inflation)?
OR
What is maximum sustainable employment?
These were the English-controlled settlements that later became the first 13 states.
What are the colonies / the 13 colonies?
This government-run "business" delivers mail across the country.
What is the U.S. Post Office?
This type of competition has many sellers, but they differentiate their products with branding.
What is monopolistic competition?
This environmental agency regulates pollution, emissions, and conservation.
What is the EPA (Environmental Protection Agency)?
This is the name for how the federal government uses taxes and spending to affect the economy.
What is fiscal policy?
This 1607 settlement in Virginia is known as the first permanent English colony.
What is Jamestown?
These legal protections are given to inventors and creators (name any one).
What are patents, copyrights, or trademarks?
This market structure exists when a few large firms control an industry, like airlines.
What is an oligopoly?
This law protects your medical/health information privacy.
What is HIPAA?
When the Fed raises interest rates, what happens to borrowing and spending overall?
What are they usually decrease because borrowing becomes more expensive?
Founders talked about "unalienable rights" including life, liberty, and this kind of ownership.
What is property?
This system is used to settle disputes between businesses.
What is the court system?
This happens when one company controls the entire supply of a product or service.
What is a monopoly?
Local governments use these laws to control what types of businesses can operate where.
What are zoning laws?
This term refers to the total amount of money the U.S. government owes from past deficits.
What is the national debt?