Founding Docs
Great Charter-1st time King gave rights to Englishmen
What is the Magna Carta?
Everyone including government officials must follow the law
What is Rule of Law?
basic economics: there is always a relationship between these 2 factors which drives production, cost, and consumption
What are supply & demand?
3 types of economic resources
What are natural, capital, & human resources?
person who has an idea for a product, good, or service and starts a business
What is an entrepreneur?
stated equality, unalienable natural rights, and grievances, and the birth of a nation
What is a democracy?
What is a tariff?
# of branches of the Federal Reserve
What is 12?
3 types of business ownership
What are proprietorship (individual owers), partnership, & corporate (multiple-LLC)?
1st government of the US--weak on purpose w/o power to tax (reaction to tyranny)
What is the Articles of Confederation?
government where people choose representatives to vote for them?
What is a republic?
2 types of financial institutions
What are banks & credit unions?
What are monopolies?
way of visualizing & categorizing economic activity seeing how goods, services, & resources flow in one direction & money flows in the opposite
What is circular flow?
written by Thomas Jefferson & is the basis for the 1st Amendment
What is the VA Statute for Religious Freedom?
According to the Declaration of Independence, the only legitimate governments are those created to secure human/natural rights and these gov'ts derive their powers from this principle.
What is consent of the governed?
2 word term to describe a person who makes good financial decisions, spends responsibly, saves money, buys insurance, & keeps a budget.
What is fiscally responsible?
coins, currency, bank accounts (checks/debit)
What are 3 types of money used in the US?
circulate capital
take deposits
give loans
collect interest
encourage saving
invest in markets
exchange money between savers & borrowers
What banks do?
written by George Mason and used as a model for the first amendments to the US Constitution
What is the VA Declaration of Rights?
Gov't is not all power and can only do the things that it was given the power to do (9th & 10th Amendments)
What is Limited Gov't?
3 domestic taxes on citizens that fund government
What are income, sales, property taxes?
protects consumer rights, property rights, competition, jobs, environment, public health & safety
What are federal laws & agencies?
Federal Communications Commission, the Securities Exchange Commission, & the Federal Trade Commission are government agencies that promote and regulate ______ in the marketplace.
What is competition?