Understanding Economic Systems: Capitalism, Goods, and Services

Presentation Transcript

1. Unit 2 Review

   Economics and Government
2. Which economic system stresses private ownership without much government regulation? Capitalism or free enterprise
3. What do you call the tools, machines, and products that are needed to make new products that are sold? Goods Services Capital Enterprise c. Capital
4. When there is a lot of something on the market and few people buy it, this creates what? surplus
5. 4. What do you call the rise in prices of goods or services? Inflation
6. What is the type of business that has only one owner? Partnership Corporation Proprietorship c. proprietorship
7. What is the type of business where many people invest money to start it up? corporation
8. True or False The state and the federal government can both set the minimum wage. True
9. Is WA. State minimum wage higher or lower than the federal minimum wage? Higher
10. What are some major industries in WA? Fishing Manufacturing Logging Computers Agriculture
11. Name 3 of the biggest employers in WA State. Boeing UW Microsoft Sea-Tac WSU
12. Who are our biggest trading partners? Canada China Mexico Japan Germany
13. Name 2 famous WA State entrepreneurs. Debbie Mumm Eddie Bauer Gary Larson John Nordstrom Bill Gates
14. True or False When you use a debit card, the money owed for a good or service is taken directly from your bank account. True
15. Who might pay you interest? A bank
16. Who might YOU pay interest to? A bank for a loan Credit card company
17. Who is the current governor? Jay Inslee
18. Who are our two senators? Patty Murray Maria Cantwell
19. Which branch of government is in charge of writing the laws? Legislative
20. Which branch of government makes sure laws follow the Constitution? Judicial
21. Which branch of government carries out the laws? Executive
22. What are the two chambers in the legislative branch? House of Representatives Senate
23. True or False Each state is represented by 2 senators. True
24. What do you call the system which makes sure one branch of government doesn’t have too much power? Checks and balances
25. What do you call the bipartisan group of the president’s advisors? Cabinet
26. True or False There are 11 Supreme Court Justices. False (there are 9)
27. Which party generally believes in smaller government? Republican
28. Which party generally believes that health care should be available to all, regardless of income? Democratic
29. Which party believes that the government has a responsibility to help the poor, children, and elderly? Democratic
30. Which party believes that less government regulation and fewer taxes will stimulate the economy? Republican
31. Who is the President of the U.S.? Barack Obama
32. Who is the Vice President of the U.S.? Joe Biden
33. True or False Washington State does not collect income tax. True
34. Where do we get our taxes from at the state level? Property tax Sales tax Utilities Tobacco Alcohol
35. Where does state tax money go? Name two things it pays for. Schools Teachers Police Firemen Public Health Roads Welfare
36. What are the 4 levels of government? National/Federal State County City (Municipal)
37. What do you call the head of the executive branch at the city level? Mayor