Unit 10: Role of Government in U. S. Economy
(www.mcaa.com)Unit SOLs:

Government provides certain goods and services that individuals and businesses acting alone cannot provide efficiently.
The government taxes, borrows, and spends to influence economic activity.
The Federal Reserve System is our nation’s central bank.
The United States government passes laws and creates agencies to protect consumer rights and property rights.
Money is defined as anything that is generally accepted as a method of payment.

Unit Vocabulary:
Antitrust legislation: Laws designed to discourage the development of monopolies

Monopolies: Situations in which one company controls an industry or is the only provider of a product or service.

Goods: Things people make or use to satisfy needs and wants

Services: Activities that satisfy people’s needs and wants

National Defense: Goods and services used to help defend our country

Tax revenue: Money collected as a result of taxes

16th Amendment: Amendment that authorizes Congress to tax incomes, personal and business

Federal Reserve Bank: The bankers’ bank

Inflation: Occurs when the costs of goods and services goes up faster than incomes go up.

Deposits: Money put into the bank that can be accessed by checks and debit cards

Private ownership: Owned by individuals rather than the government

Consumer rights: Protection buyers have upon buying a product or service

Violations: To go against agreements

Currency: Bills and coins

Federal Reserve notes: Currency
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