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39 terms

GLE50 -- Economic Institutions

50. Describe institutions (e.g., banks, government agencies, large companies, small businesses) that make up economic systems (E-1A-M7)
STUDY
PLAY
public
The sector of the economy that includes the government.
private
The sector of the economy that includes businesses.
voluntary
The sector of the economy that includes non-profit institutions such as religious organizations and secular charities.
household
The sector of the economy that includes individuals and families.
taxes
The government collects ___ and borrows money from the private and household sectors.
entitlements
The government pays for contracts with the private sector and pays salaries and ___ to the household sector.
Treasury
The Department of the ___ is a cabinet-level government agency that manages the finances of the U. S. government.
FDIC
Regulates banks and insures bank deposits up to $250,000.
interest
The Federal Reserve attempts to manage the speed of economic growth in the U. S. by adjusting the ___ rates that it charges banks to borrow money.
IRS
The ___ collects taxes for the federal government in the United States.
SEC
Regulates the sale of stocks and other financial instruments in the United States. Protects investors from fraud. Maintains the integrity of the stock and commodity exchanges.
engine
The Private Sector is the ___ of the economy.
Genetic
Industries including farming, fishing, and logging.
Cod
Modern industrial fishing methods have depleted many species that once provided food for millions of people. ___ fish are the best example of a species depleted by overfishing.
Mines
___ extract solid mineral resources from the earth. Examples of mined resources include gold, silver, coal, diamonds, lignite, tin, halite (salt crystals), and iron.
Wells
___ extract liquid resources from the earth. Examples of liquid resources include crude oil, natural gas, water, and sulfur.
secondary
Businesses that create a tangible product (one that may be touched) are the ___ sector of industry. These are divided into light and heavy industry.
grid
Households and businesses that generate their own electricity are often described as "off the ___" if they are not connected to the electric system.
Light
___ industry produces smaller, less durable items such as clothing or computers.
Heavy
___ industry produces durable goods (such as cars) or large quantities of some good (such as gasoline refined from crude oil).
Service
___ companies provide intangible (non-touchable) goods, such as banking, food service (restaurants), legal aid, entertainment, healthcare, retail stores, wholesale warehouses, transportation, and insurance.
Banks
___ are (in the U.S. at this time) mostly private sector financial institutions that lend money at interest and provide financial services for fees.
securities
Stocks, commodities, and bonds are traded in ___ markets.
NYSE
The ___ is the largest securities market.
issues
The voluntary sector is driven by ___ rather than profits.
employment
Households usually exchange labor for money with the other sectors (public, private, and voluntary) through the ___ of family members.
Federal Reserve
The ___ is a quasi-public institution. The President appoints and the Senate confirms the chairman. However, the government does not control the actions of the ___. It is a privately-owned institution.
primary
The ___ sector of industry involves the gathering or extraction of natural resources.
agribusinesses
Farms, ranches, and related businesses are called "___." These private sector institutions provide food, fiber (e.g., cotton, wool), and other renewable resources to the economy.
Farming
___ is an example of primary sector genetic industry.
Manufacturers
___ process raw materials into products used by other businesses, government agencies, or households.
Construction
___ is part of the secondary sector of industry.
utilities
Electric ___, such as AEP-SWEPCO, produce electricity to power the other sectors of the economy.
Stocks
___ are certificates of partial ownership in a company.
Commodities
___ are raw materials from the primary industrial sector, such as raw coffee beans, crude oil, iron ore, and pork bellies.
Bonds
___ are certificates for loans to governments or businesses.
Investors
___ buy stock in corporations, providing investment capital to the corporation to buy capital equipment, hire labor, and expand operations.
Stockholders
___ may be paid dividends or receive additional shares of stock over time.
NASDAQ
The ___ is a computer-operated stock exchange specializing in high technology corporations.