American Values and Property Rights

It is a place where anyone from any background could achieve success through hard work.

The state or federal government cannot take an individual's or corporation's property except when there is a public reason, then the government must pay the person the fair value of the property that has been taken.

Open land, natural resources, uninterrupted flow of immigrants with different backgrounds, and the American tradition of free enterprise.

<p>Property rights and taxation.</p> Signup and view all the answers

<p>profit motive, open opportunity, economic rights.</p> Signup and view all the answers

<p>The government can tax individuals and businesses.</p> Signup and view all the answers

<p>The force that encourages people and organizations to improve their material well-being.</p> Signup and view all the answers

<p>The concept that everyone can compete in the marketplace.</p> Signup and view all the answers

<p>Legal equality, private property rights, free contract, voluntary exchange, competition.</p> Signup and view all the answers

<p>Everyone has the same legal rights.</p> Signup and view all the answers

<p>The right and privilege to control their possessions as they wish.</p> Signup and view all the answers

<p>People can decide what and when they want to buy and sell.</p> Signup and view all the answers

<p>Allows people to decide what and when they want to buy and sell.</p> Signup and view all the answers

<p>Provides consumers with the choice of a larger variety of goods, most of which are sold at reasonable prices.</p> Signup and view all the answers

<p>Buy products to signal producers what to produce, form interest groups.</p> Signup and view all the answers

<p>Private organizations that try to persuade public officials to act or vote according to the interest of the group.</p> Signup and view all the answers

<p>Carry out the constitutional responsibilities to protect property rights, contracts, and other business activities.</p> Signup and view all the answers

<p>Requires companies to give consumers important information about their products.</p> Signup and view all the answers

<p>Sets standards for foods, drugs, and cosmetic products.</p> Signup and view all the answers

<p>Enforces antitrust laws to protect consumers from being taken advantage of.</p> Signup and view all the answers

<p>Regulate interstate and international communication.</p> Signup and view all the answers

<p>Regulates civil aviation, air-traffic, and piloting standards.</p> Signup and view all the answers

<p>Promotes equal job opportunities through enforcement of civil rights laws and education.</p> Signup and view all the answers

<p>Enacts policies to protect human health and the environment.</p> Signup and view all the answers

<p>Policies to save lives, prevent injuries, protect health of workers.</p> Signup and view all the answers

<p>Reducing risks of harm from consumer products.</p> Signup and view all the answers

<p>Regulates civilian use of nuclear products.</p> Signup and view all the answers

<p>Costly to implement, cutting into profits, slowing growth, and forcing them to charge unnecessarily high prices; rules and regulations stifled competition resulting in high prices.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>The study of the behavior and decision-making of entire economies.</p> Signup and view all the answers

<p>The study of the economic behavior and decision-making of small units, such as individuals, families, households, and businesses.</p> Signup and view all the answers

<p>Total value of all final goods and services produced in an economy.</p> Signup and view all the answers

<p>Period of macroeconomic expansion followed by a period of contraction or decline.</p> Signup and view all the answers

<p>High employment, steady growth, stable prices.</p> Signup and view all the answers

<p>Each generation wants to enjoy a higher standard of living than the previous generation.</p> Signup and view all the answers

<p>Consumers feel the pain.</p> Signup and view all the answers

<p>Producers and consumers feel the pain.</p> Signup and view all the answers

<p>The process used to produce a good or service.</p> Signup and view all the answers

<p>Work ethic and improved technology.</p> Signup and view all the answers

<p>Commitment to the value of work and purposeful activity.</p> Signup and view all the answers

<p>Produce more output from the same or smaller quantity of inputs or resources.</p> Signup and view all the answers

<p>Offer incentives for innovation.</p> Signup and view all the answers

<p>Federal agencies fund scores of research and development projects at universities, the government has its own research institutions to produce new technologies, offers inventors the possibilities of making large profits in the free market.</p> Signup and view all the answers

<p>Inventors can have exclusive rights to produce and sell for 20 years.</p> Signup and view all the answers

<p>Writers and artists have exclusive rights to publish and sell their creative works.</p> Signup and view all the answers

<p>Make consumers pay individually, exclude no payers.</p> Signup and view all the answers

<p>Roads and dams.</p> Signup and view all the answers

<p>Any number of consumers can use them without reducing the benefits to any single consumer; consumer rates go up and prices go down.</p> Signup and view all the answers

<p>Cost.</p> Signup and view all the answers

<p>Public sectors.</p> Signup and view all the answers

<p>The part of the economy that involves the transactions of the government.</p> Signup and view all the answers

<p>The part of the economy that involves the transactions of individuals and businesses.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Someone who would not choose to pay for a certain good or service but gets the benefit of it anyway if it were provided as a public good.</p> Signup and view all the answers

<p>Other people come from different parts of town and they use our Walmart but no money came out of their accounts to pay for it.</p> Signup and view all the answers

<p>A situation in which the market on its own does not distribute resources efficiently.</p> Signup and view all the answers

<p>Proposal, benefits, cost, decision.</p> Signup and view all the answers

<p>An economic side effect of a good or service that generates benefits or costs to someone other than the person that decides how much to produce or consume.</p> Signup and view all the answers

<p>Free market</p> Signup and view all the answers

<p>Poverty threshold</p> Signup and view all the answers

<p>Provide a safety net, help people raise standard of living and well-being.</p> Signup and view all the answers

<p>Taxes and Redistribute</p> Signup and view all the answers

<p>Welfare is the government aid for the poor.</p> Signup and view all the answers

<p>Productivity</p> Signup and view all the answers

<p>Charities or community groups that save and change lives.</p> Signup and view all the answers

<p>Successful groups that deliver social services and provide special compassion.</p> Signup and view all the answers

<p>Federal state and governments provide educational opportunities to the poor, funds programs from preschool to college, aids students with learning disabilities, adds to the nation's human capital and labor productivity.</p> Signup and view all the answers

<p>Government insurance for the elderly, disabled, and poor; covers people over the age of 65 or disabled; covers poor people who are unemployed; enormously expensive.</p> Signup and view all the answers

<p>Provides services to the poor free or at greatly reduced prices by food giveaways, food stamps, subsidized housing, and legal aid.</p> Signup and view all the answers

<p>Temporary Assistance for Needy Families, Social Security, Unemployment Insurance, Workers Compensation.</p> Signup and view all the answers

<p>Sends federal government funds to the states and the states run their own federal program.</p> Signup and view all the answers

<p>Provides cash transfers of retirement income to the elderly and disabled Americans.</p> Signup and view all the answers

<p>Provides money to workers who have lost their jobs and have to show they are looking for a job to receive benefits.</p> Signup and view all the answers

<p>Provides cash transfers to workers injured on the job.</p> Signup and view all the answers