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Civics and Economics CE.13 Study Guide

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Civics and Economics CE.13 Study Guide HISTORY AND SOCIAL SCIENCE STANDARDS OF LEARNING • Through tax revenue CURRICULUM FRAMEWORK 2008 (NEW) • Through borrowed funds Reformatted version created by SOLpass • Through fees (e.g., park entrance fees) www.solpass.org Civics and Economics STANDARD CE.13C CE.13 Study Guide -- TAXATION The impact of taxation, including an STANDARD CE.13A understanding of the reasons for the 16th -- MARKETPLACE COMPETITION Amendment, spending, and borrowing The government taxes, borrows, and spends to influence Competition in the marketplace economic activity. The government promotes and regulates marketplace competition. How does the government influence economic activity? How does the United States government promote and regulate Government tax increases reduce marketplace competition? the funds available for individual and business spending; tax Ways the government promotes marketplace competition decreases increase funds for • Enforcing antitrust legislation to discourage the individual and business spending. development of monopolies • Engaging in global trade Increased government borrowing reduces funds available for • Supporting business start-ups borrowing by individuals and Government agencies that regulate business businesses; decreased government • FCC (Federal Communications Commission) borrowing increases funds available for borrowing by • EPA (Environmental Protection Agency) individuals and businesses. • FTC (Federal Trade Commission) Increased government spending increases demand, which These agencies oversee the way individuals and companies may increase employment and production; decreased do business. government spending reduces demand, which may result in a slowing of the economy. STANDARD CE.13B Increased government spending may result in higher taxes; decreased government spending may result in lower taxes. UBLIC OODS ERVICES -- P G & S The 16th Amendment to the Constitution of the United Government provides certain goods and States of America authorizes Congress to tax personal and business incomes. services Government provides certain goods and services that individuals and businesses acting alone cannot provide STANDARD CE.13D efficiently. What types of goods and services do governments provide? -- FEDERAL RESERVE Characteristics of most goods and services provided by The Federal Reserve System government • Provide benefits to many simultaneously acts as the nation’s central bank • Would not likely be available if individuals had to The Federal Reserve System is our nation’s central provide them bank. • Include such things as interstate highways, postal What is the role of the Federal Reserve System? service, and national defense As the central bank of the United States, the Federal How do governments pay for the goods and services they Reserve System provide? • has the duty to maintain the value of the national currency (dollar) Ways governments pay for public goods and services 1 • regulates banks to ensure the soundness of the banking system and the safety of deposits STANDARD CE.14 • manages the amount of money in the economy to -- CAREERS & FINANCES try to keep inflation low and stable a) talents, interests, and aspirations that influence • acts as the federal government’s bank. career choice; b) attitudes and behaviors that strengthen the individual work ethic and promote career success; STANDARD CE.13E c) abilities, skills, and education and the changing supply and demand for them in the economy; -- CONSUMER & PROPERTY RIGHTS d) the impact of technological change and globalization on career opportunities; The protection of consumer rights and e) the importance of education to lifelong personal property rights finances; f) the financial responsibilities of citizenship, including The United States government passes laws and creates evaluating common forms of credit, savings, agencies to protect consumer rights and property rights. investments, purchases, contractual agreements, What is the role of the United States government in protecting warranties, and guarantees. consumer rights and property rights? What is the role of self-assessment in career planning? Individuals have the right of private An awareness of personal talents, interests, and aspirations ownership, which is protected by negotiated is needed to select a career. contracts that are enforceable by law. Career planning starts with self-assessment. Government agencies establish guidelines that protect public health and safety. What is the role of work ethic in determining career success? Consumers may take legal action against Attitudes and behaviors that support a strong work ethic violations of consumer rights. enhance career success. Employers seek employees who demonstrate the attitudes and behaviors of a strong work ethic. STANDARD CE.13F What is the relationship among skills, education, and income? --MONEY There is a correlation among skills, education, and income. Government creates currency and coins; Higher skill and/or education levels generally lead to higher incomes. there are additional forms of money Supply and demand also influence job income. Money is defined as anything that is generally accepted as a method of payment. Employers seek individuals who have kept pace with technological changes by updating their skills. Why does the government issue currency and coins? What influence do advances in technology have on the Which government agencies are responsible for creating workplace? money? Changes in technology influence the abilities, skills, and When the United States education needed in the workforce. government issues coins and currency, people accept it in Technological advancements create new jobs in the exchange for goods and services workplace. because they have confidence in Technology and information flows permit people to work the government. across international borders. This creates competition Government issues money to from foreign workers for United States jobs but also may facilitate this exchange. create opportunities for United States workers to work for companies based in other countries. The three types of money generally used in the United States are Being fiscally responsible includes making careful spending • coins decisions, saving and investing for the future, having insurance, keeping to a budget, using credit wisely, as well • Federal Reserve notes (currency) as understanding how contracts, warranties, and • deposits in bank accounts that can be accessed by guarantees can protect the individual. checks and debit cards. 2 .
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