Review sheet ppt

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Review sheet ppt

  1. 1. Review Sheet<br />Use the following slides to fill in your review sheet for your test on Friday<br />
  2. 2. Individuals/Households:<br />own the resources used in production,<br /> sell the resources for a paycheck,<br />and use the income to purchase goods and services.<br />
  3. 3. Businesses/Producers:<br />buy resources (human, natural, capital, and entrepreneurship),<br />make products and sell them to individuals, businesses, and the government,<br />and use the profit to buy more resources.<br />
  4. 4. The Government:<br />The government uses tax revenue (money) from individuals and businesses to provide public goods and services.<br />
  5. 5. Saving and Investing Money<br />Individual and business savings provide financial capital that can be borrowed for business expansion (growth) and increased consumption.<br />
  6. 6. THE THREE CHARACTERISTICS OF PUBLIC GOODS AND SERVICES:<br />Public goods/services provide benefits to many simultaneously.<br />They are provided by the government because individuals acting alone could not provide them as efficiently.<br />Therefore, they wouldn’t be available if we had to provide them ourselves.<br />
  7. 7. The government produces public goods and services by…<br />using tax revenue from individuals and businesses to pay for them.<br />They also borrow funds from other countries.<br />The 16th Amendment authorizes Congress to tax personal & business incomes.<br />
  8. 8. The effects of government taxing, borrowing, and spending: <br />TAXING LESS: ↓TAX = ↑ MONEY TO SPEND<br />TAXING MORE: ↑ TAX = ↓ MONEY TO SPEND <br />BORROWING MORE: ↑ GOVERNMENT BORROWING =↓ BORROWING FOR US<br />BORROWING LESS: ↓ GOVERNMENT BORROWING =↑ BORROWING FOR US<br />
  9. 9. The effects of government taxing, borrowing, and spending - continued: <br />SPENDING MORE: ↑ GOVERNMENT SPENDING = ↑ DEMAND, ↑PRODUCTION, <br /> ↑ EMPLOYMENT, AND ↑ TAXES <br />SPENDING LESS: ↓ GOVERNMENT SPENDING =↓ DEMAND, ↓ PRODUCTION, <br /> ↓ EMPLOYMENT, AND ↓ TAXES <br />
  10. 10. A MIXED ECONOMY:PROMOTING COMPETITIONANDPROTECTING CONSUMERS<br />3 Benefits of competition:<br />1. more variety <br /> 2.better quality<br /> 3. lower price<br />
  11. 11. The government supports competition by-<br />1. enforcing antitrust legislation to stop monopolies.<br /> antitrust- stopping one business from controlling a market<br /> 2. engaging in global trade<br /> 3. supporting new business start-ups, which also provides more jobs.<br />
  12. 12. The government regulates businesses by setting up agencies to oversee the way individuals and companies do business.<br />Environmental Protection Agency (EPA)- protects human health and the environment<br />Federal Communications Commission (FCC)- regulates communications by radio, television, and satellite<br />Federal Trade Commission (FTC)-protects consumers and promotes competition<br />
  13. 13. THE GOVERNMENT PROTECTS CONSUMER RIGHTS BY:<br />Government agencies establish guidelines that protect public health and safety.<br />Negotiated contracts protect private ownership and are enforceable by law.<br />Consumers may take legal action against violations of consumer rights.<br />

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