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Notes
• Global Economy: Worldwide markets in which
  the buying and selling of goods and services
  by all nations take place
• Impact of technological innovations
• Innovations in technology (e.g. the internet)
  contribute to the global flow of
  information, capital, goods, and services.
• The use of such technology also lowers the
  cost of production
State Government
• The Commonwealth of Virginia was
  established by the VA Constitution.
• The VA Constitution distributes powers among
  the legislative, executive, and judicial
  branches.
• Legislative Branch is the General Assembly
• -It is a bicameral legislature
  – Means Two houses
• House of Delegates and the Virginia Senate
• Meets annually for a fixed number of days
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• Executive Branch is headed by the governor
  who is elected for a four-year term.
  – Appoints members of the cabinet


• Lieutenant governor – Second in command
• Attorney General – Lawyer for the state
3rd Nine Weeks Review Slideshow
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• The judicial power is exercised by four levels
  of courts
  – Supreme Courts
  – Court of Appeals
  – Circuit Courts
  – District Courts (including small claims courts and
    juvenile and domestic relations courts)
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• Law making process
  – Introduce bill
  – Work in committees
  – Debate the bill on the floor of each house
  – Vote on the bill in each house
  – Sending the bill to the governor
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• Elected officials write laws and take action in
  response to problems or issues.

• Individuals and interest groups help shape
  legislation.
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• The primary issues in the legislative process
  at the state level
• Education: To promote an informed and
  engaged citizenry (i.e., establish minimum
  standards for local schools)
• Public health: To promote and protect the
  health of its citizens (i.e., fund health benefits)
• Environment: To protect natural resources
  (i.e., improve water quality in the Chesapeake
  Bay)
• State budget: To approve a biennial (two year)
  budget prepared by the governor
• Revenue: To levy and collect taxes
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• The governor of Virginia exercises the formal powers
  granted by the Virginia Constitution.
•
• In carrying out both the formal and informal powers of
  the office, the governor fills several roles, including
• chief of state
• chief legislator
• chief administrator
• party chief
• commander-in-chief.
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• Cabinet secretaries and
  departments, agencies, commissions, and
  regulatory boards
• administer laws
• enforce laws
• regulate aspects of business and the economy
• provide services.
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• That is State Government
Local Government
• The units of local government in Virginia are counties,
  towns, and cities. Local governments exercise
  legislative, executive, and judicial powers.
•
• Each Virginia county has an elected board of
  supervisors, which exercises legislative powers,
  enacting ordinances (local laws) and adopting an
  annual budget.
•
• Each Virginia county and city has an elected or
  appointed school board, which oversees the operation
  of the K–12 public schools in the county or city.
• Each Virginia incorporated town has an elected
  town council, which exercises legislative
  powers, enacting ordinances and adopting an
  annual budget. A mayor is elected either by the
  voters or the town council members.
•
• Each Virginia city has an elected city
  council, which exercises legislative
  powers, enacting ordinances and adopting an
  annual budget. A mayor is elected either by the
  voters or the city council members.
• In Virginia counties, towns, and cities, a manager
  may be hired by the elected legislative branch to
  oversee the operations of the local government.
•
• In every Virginia locality, state courts resolve
  judicial disputes. Judges of the circuit
  courts, district courts, juvenile and domestic
  relations courts, and small claims courts hear
  cases in each locality.
• The Virginia Constitution requires that voters
  in every locality elect a sheriff, a clerk of the
  circuit court, a commissioner of revenue, and
  a treasurer.
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Virginia local governments exercise defined and
  limited powers, including the power to
• enforce state and local laws
• promote public health
• protect public safety
• educate children
• protect the environment
• regulate land use
• levy and collect taxes.
• The authority of local governments in Virginia
  is derived from the state.
• All powers of local governments in Virginia are
  given to them by the Constitution of Virginia
  and acts of the General Assembly.
• Not all counties and cities are given the same
  powers. Cities have charters listing their
  powers.
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An elected board of supervisors is the local
  legislative body in counties and is responsible
  for passing laws (ordinances) for the county.
• An elected council is the local legislative body
  in independent cities and incorporated towns.
• Individuals can have the greatest influence on
  the decisions made by local government
  officials.
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• Scarcity is the inability to satisfy all wants at the same
  time. All resources and goods are limited. This requires
  that choices be made.
• Resources are factors of production that are used in
  the production of goods and services. Types of
  resources are natural, human, capital, and
  entrepreneurship.
• Choice is selection of an item or action from a set of
  possible alternatives. Individuals must choose or make
  decisions about desired goods and services because
  these goods and services are limited.
• Opportunity cost is what is given up when a choice is
  made—i.e., the highest valued alternative is forgone.
  Individuals must consider the value of what is given up
  when making a choice.
• Price is the amount of money exchanged for a good or
  service. Interaction of supply and demand determines
  price. Price determines who acquires goods and
  services.
• Incentives are things that incite or motivate. Incentives
  are used to change economic behavior.
• Supply and demand: Interaction of supply and demand
  determines price. Demand is the amount of a good or
  service that consumers are willing and able to buy at a
  certain price. Supply is the amount of a good or service
  that producers are willing and able to sell at a certain
  price.
• Productionis the combining of
  human, natural, capital, and entrepreneurship
  resources to make goods or provide services.
  Resources available and consumer preferences
  determine what is produced.
• Consumption is the using of goods and
  services. Consumer preferences and price
  determine what is purchased and consumed.
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• The key factor in determining the type of
  economy a country has is the extent of
  government involvement.
• The three basic questions of economics
• What will be produced?
• Who will produce it?
• For whom will it be produced?
• Each type of economy answers the three basic
  questions differently.
• Characteristics of major economic systems
• No country relies exclusively on markets to deal
  with the economic problem of scarcity.
• Traditional economy
• Economic decisions are based on custom and historical
  precedent.
• People often perform the same type of work as their
  parents and grandparents, regardless of ability or
  potential.
•
• Free market economy
• Private ownership of property/resources
• Profit motive
• Competition
• Consumer sovereignty
• Individual choice
• Minimal government involvement in the economy
• Command economy
• Central ownership (usually by government) of
  property/resources
• Centrally-planned economy
• Lack of consumer choice
•
• Mixed economy
• Individuals and businesses are owners and decision
  makers for the private sector.
• Government is owner and decision maker for the
  public sector.
• Government’s role is greater than in a free market
  economy and less than in a command economy.
• Most economies today, including the United States, are
  mixed economies.
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• Characteristics of the United States economy
• Markets are generally allowed to operate
  without undue interference from the
  government. Prices are determined by supply
  and demand as buyers and sellers interact in
  the marketplace.
• Private property: Individuals and businesses
  have the right to own real and personal
  property as well as the means of production
  without undue interference from the
  government.
• Profit: Profit consists of earnings after all
  expenses have been paid.
• Competition: Rivalry between producers
  and/or between sellers of a good or service
  usually results in better quality goods and
  services at lower prices.
• Consumer sovereignty: Consumers determine
  through purchases what goods and services
  will be produced. Government involvement in
  the economy is limited. Most decisions
  regarding the production of goods and
  services are made in the private sector.
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• Basic types of business ownership
• Proprietorship: A form of business
  organization with one owner who takes all the
  risks and all the profits.
• Partnership: A form of business organization
  with two or more owners who share the risks
  and the profits.
• Corporation: A form of business organization that
  is authorized by law to act as a legal entity
  regardless of the number of owners. Owners
  share the profits. Owner liability is limited to the
  amount of their investment.
• Entrepreneur
• A person who takes a risk to produce and sell
  goods and services in search of profit
• May establish a business according to any of the
  three types of organizational structures
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• Resources, goods and services, and money
  flow continuously among
  households, businesses, and markets in the
  United States economy.
• Economic flow (circular flow)
• Individual and business saving and investment
  provide financial capital that can be borrowed
  for business expansion and increased
  consumption.
• Individuals (households) own the resources
  used in production, sell the resources, and use
  the income to purchase products.
• Businesses (producers) buy resources; make
  products that are sold to individuals, other
  businesses, and the government; and use the
  profits to buy more resources.
• Governments use tax revenue from individuals
  and businesses to provide public goods and
  services.
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Private financial institutions act as
  intermediaries between savers and borrowers
  that include households and business
  investors.
• Private financial institutions
• Include banks, savings and loans, and credit
  unions
• Receive deposits and make loans
• Encourage saving and investing by paying
  interest on deposits
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• Terms to know
• global economy: Worldwide markets in which
  the buying and selling of goods and services
  by all nations takes place
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• Virginia and the United States specialize in the
  production of certain goods and services, which
  promotes efficiency and growth.

• Impact of technological innovations
• Innovations in technology (e.g., the Internet)
  contribute to the global flow of
  information, capital, goods, and services.
• The use of such technology also lowers the cost
  of production.
Reasons that states and nations trade
• To obtain goods and services they cannot
  produce or cannot produce efficiently
  themselves
• To buy goods and services at a lower cost or a
  lower opportunity cost
• To sell goods and services to other countries
• To create jobs
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  • 2. • Global Economy: Worldwide markets in which the buying and selling of goods and services by all nations take place
  • 3. • Impact of technological innovations • Innovations in technology (e.g. the internet) contribute to the global flow of information, capital, goods, and services. • The use of such technology also lowers the cost of production
  • 4. State Government • The Commonwealth of Virginia was established by the VA Constitution. • The VA Constitution distributes powers among the legislative, executive, and judicial branches.
  • 5. • Legislative Branch is the General Assembly • -It is a bicameral legislature – Means Two houses • House of Delegates and the Virginia Senate • Meets annually for a fixed number of days
  • 8. • Executive Branch is headed by the governor who is elected for a four-year term. – Appoints members of the cabinet • Lieutenant governor – Second in command • Attorney General – Lawyer for the state
  • 11. • The judicial power is exercised by four levels of courts – Supreme Courts – Court of Appeals – Circuit Courts – District Courts (including small claims courts and juvenile and domestic relations courts)
  • 13. • Law making process – Introduce bill – Work in committees – Debate the bill on the floor of each house – Vote on the bill in each house – Sending the bill to the governor
  • 15. • Elected officials write laws and take action in response to problems or issues. • Individuals and interest groups help shape legislation.
  • 18. • The primary issues in the legislative process at the state level • Education: To promote an informed and engaged citizenry (i.e., establish minimum standards for local schools) • Public health: To promote and protect the health of its citizens (i.e., fund health benefits)
  • 19. • Environment: To protect natural resources (i.e., improve water quality in the Chesapeake Bay) • State budget: To approve a biennial (two year) budget prepared by the governor • Revenue: To levy and collect taxes
  • 26. • The governor of Virginia exercises the formal powers granted by the Virginia Constitution. • • In carrying out both the formal and informal powers of the office, the governor fills several roles, including • chief of state • chief legislator • chief administrator • party chief • commander-in-chief.
  • 29. • Cabinet secretaries and departments, agencies, commissions, and regulatory boards • administer laws • enforce laws • regulate aspects of business and the economy • provide services.
  • 31. • That is State Government
  • 32. Local Government • The units of local government in Virginia are counties, towns, and cities. Local governments exercise legislative, executive, and judicial powers. • • Each Virginia county has an elected board of supervisors, which exercises legislative powers, enacting ordinances (local laws) and adopting an annual budget. • • Each Virginia county and city has an elected or appointed school board, which oversees the operation of the K–12 public schools in the county or city.
  • 33. • Each Virginia incorporated town has an elected town council, which exercises legislative powers, enacting ordinances and adopting an annual budget. A mayor is elected either by the voters or the town council members. • • Each Virginia city has an elected city council, which exercises legislative powers, enacting ordinances and adopting an annual budget. A mayor is elected either by the voters or the city council members.
  • 34. • In Virginia counties, towns, and cities, a manager may be hired by the elected legislative branch to oversee the operations of the local government. • • In every Virginia locality, state courts resolve judicial disputes. Judges of the circuit courts, district courts, juvenile and domestic relations courts, and small claims courts hear cases in each locality.
  • 35. • The Virginia Constitution requires that voters in every locality elect a sheriff, a clerk of the circuit court, a commissioner of revenue, and a treasurer.
  • 49. Virginia local governments exercise defined and limited powers, including the power to • enforce state and local laws • promote public health • protect public safety • educate children • protect the environment • regulate land use • levy and collect taxes.
  • 50. • The authority of local governments in Virginia is derived from the state. • All powers of local governments in Virginia are given to them by the Constitution of Virginia and acts of the General Assembly. • Not all counties and cities are given the same powers. Cities have charters listing their powers.
  • 54. An elected board of supervisors is the local legislative body in counties and is responsible for passing laws (ordinances) for the county. • An elected council is the local legislative body in independent cities and incorporated towns. • Individuals can have the greatest influence on the decisions made by local government officials.
  • 56. • Scarcity is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. • Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. • Choice is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. • Opportunity cost is what is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice.
  • 57. • Price is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. • Incentives are things that incite or motivate. Incentives are used to change economic behavior. • Supply and demand: Interaction of supply and demand determines price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing and able to sell at a certain price.
  • 58. • Productionis the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. • Consumption is the using of goods and services. Consumer preferences and price determine what is purchased and consumed.
  • 75. • The key factor in determining the type of economy a country has is the extent of government involvement. • The three basic questions of economics • What will be produced? • Who will produce it? • For whom will it be produced? • Each type of economy answers the three basic questions differently. • Characteristics of major economic systems • No country relies exclusively on markets to deal with the economic problem of scarcity.
  • 76. • Traditional economy • Economic decisions are based on custom and historical precedent. • People often perform the same type of work as their parents and grandparents, regardless of ability or potential. • • Free market economy • Private ownership of property/resources • Profit motive • Competition • Consumer sovereignty • Individual choice • Minimal government involvement in the economy
  • 77. • Command economy • Central ownership (usually by government) of property/resources • Centrally-planned economy • Lack of consumer choice • • Mixed economy • Individuals and businesses are owners and decision makers for the private sector. • Government is owner and decision maker for the public sector. • Government’s role is greater than in a free market economy and less than in a command economy. • Most economies today, including the United States, are mixed economies.
  • 87. • Characteristics of the United States economy • Markets are generally allowed to operate without undue interference from the government. Prices are determined by supply and demand as buyers and sellers interact in the marketplace. • Private property: Individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government.
  • 88. • Profit: Profit consists of earnings after all expenses have been paid. • Competition: Rivalry between producers and/or between sellers of a good or service usually results in better quality goods and services at lower prices. • Consumer sovereignty: Consumers determine through purchases what goods and services will be produced. Government involvement in the economy is limited. Most decisions regarding the production of goods and services are made in the private sector.
  • 96. • Basic types of business ownership • Proprietorship: A form of business organization with one owner who takes all the risks and all the profits. • Partnership: A form of business organization with two or more owners who share the risks and the profits.
  • 97. • Corporation: A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment. • Entrepreneur • A person who takes a risk to produce and sell goods and services in search of profit • May establish a business according to any of the three types of organizational structures
  • 106. • Resources, goods and services, and money flow continuously among households, businesses, and markets in the United States economy.
  • 107. • Economic flow (circular flow) • Individual and business saving and investment provide financial capital that can be borrowed for business expansion and increased consumption. • Individuals (households) own the resources used in production, sell the resources, and use the income to purchase products.
  • 108. • Businesses (producers) buy resources; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more resources. • Governments use tax revenue from individuals and businesses to provide public goods and services.
  • 116. Private financial institutions act as intermediaries between savers and borrowers that include households and business investors. • Private financial institutions • Include banks, savings and loans, and credit unions • Receive deposits and make loans • Encourage saving and investing by paying interest on deposits
  • 124. • Terms to know • global economy: Worldwide markets in which the buying and selling of goods and services by all nations takes place
  • 127. • Virginia and the United States specialize in the production of certain goods and services, which promotes efficiency and growth. • Impact of technological innovations • Innovations in technology (e.g., the Internet) contribute to the global flow of information, capital, goods, and services. • The use of such technology also lowers the cost of production.
  • 128. Reasons that states and nations trade • To obtain goods and services they cannot produce or cannot produce efficiently themselves • To buy goods and services at a lower cost or a lower opportunity cost • To sell goods and services to other countries • To create jobs