Goods and Services
Why does the government provide fire station services instead of a private company
To ensure access to essential services for all citizens
Why does the government collect taxes
To fund public goods and services
Year Started
1913
Economics
The study of how individuals and societies satisfy their unlimited wants with limited resources
DOT
Department of Transportation
Flowers
Good
4.3%
Virginia State Sales Tax
Name one thing that they influence or control.
Interest Rates
Command Economy
Government has FULL control over farms
Government sets production quantities
Government controls factories
FTC
Federal Trade Commission
Social Security is provided By.......
Federal Government
Which level of government is responsible for allocating budgets and collecting taxes
Local, state, and federal governments
Why doesn’t the Federal Reserve simply print unlimited money to solve economic problems?
Money would decrease in value
What is the purpose of a money economy
To facilitate trade and economic transactions
What is an example of a government regulation in the food industry
Food companies being required to include nutrition labels
Baker making cookies
Service
Federal Taxes are for what
Goods and Services
Social Security
Safety
What is the main role of the Federal Reserve.
To act as the nation’s central bank
Free Market Economy
--customer appreciation sales and coupons
--based on wants and needs
--entrepreneurship
--for profit
Why does the government set rules about how old someone must be to work and how many hours they can work?
To protect workers and consumers
Producers use ___________ to make goods and services.
resources
What type of tax is usually paid yearly by homeowners to local governments to help pay for schools and roads?
Property Tax
The Federal Reserve headquarters is in Washington D.C., name a city that houses one of its 12 district banks.
Stagflation
A combination of high inflation, slow economic growth, and high unemployment.
USDA
Department of Agriculture