State and Local Governments
From the state, created by the General Assembly
What is Scarcity?
Resources are limited but wants and needs are unlimited.
What article is the Legislative Branch defined in?
Article l of the U.S constitution
What are Checks and Balances?
What is the Executive Branch?
Led by the president of the United States
What are some of the roles of the Governor?
Chief of state, Chief Legislature, Chief Executive, Chief of party, Commander-in-Chief, and Chief citizen.
What is a Free-Market Economy?
Private Ownership, Minimal Government Involvement, and decisions are driven by Profit Motive, Competition, and Consumer Sovereignty.
435 Members based on state population
What is the Magna Carta?
The first time the king had to follow the law and gave English citizens basic rights and freedoms.
What is the Main role of the Executive Branch?
Enforce, enact, or execute the laws of the nation
How does the Governor influence state policy?
Proposing a biennial (2-year) budget, Proposing state legislation, Signing or vetoing bills passed by the General Assembly, or Enforcing laws passed by the General Assembly.
What are the 3 Basic Economic Questions?
What Goods/Services will be produced?
How will Goods/Services be produced?
Who Goods/Services will be produced for?
What are the 3 types of Revenue Sources?
Income tax, Sales tax, Property tax.
What is the Virginia Declaration of Rights?
What are the Executive Departments?
Administrative units in the Executive Branch of the Federal Government that help carry out the laws.
What is Federalism?
The division of Powers between the federal and state governments or Federalist No. 10 by James Madison
What are characteristics of the U.S economy?
Free Enterprise, Private property, Profit motive, and Competition
A law or rule made by the government to manage how people business or behave.
What is the Preamble?
The Preamble of the U.S Constitution establishes the purpose of the Government.
What is the Department of Treasury?
Financial advisor to the President and Handles the Nations Money, Including Collecting, Borrowing, and Spending
House of Delegates and VA Senate
What is a Circular Flow?
Circular Flow is a model that shows how money, goods, services, and resources move through the economy.
What are the factors of Production?
Natural resources, Human resources, Capital resources, and Entrepreneurship.
What are the purposes of the Government?
To form a more Perfect Union, Establish Justice ,Ensure Domestic Tranquility, Provide for the Common Defense, Promote General Welfare, Secure the Blessings of Liberty.
What is a Regulatory Commission?
These types of Agencies control certain types of Businesses and Industries.