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Second I would see how much an average worker gets paid. Then I would probably see how much cost of living would be. That would determine whether or not I could afford to live there. 6. Explain which economic system (market, planned, mixed, or traditional) you think Is best for consumers. Describe at least one reason why you think this system Is best for consumers. (4-7 sentences. 3. 0 points) I think a mixed economy would be better for consumers. I think this because it’s the best of both worlds. You get all in one. Instead of experiencing one economic system, you get to experience multiple economic systems. 7. In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be helpful for society and at least one reason that they may be harmful for society. Then, explain whether you think profit motive is a good thing or a bad thing for society. (4-7 sentences. 2. 0 points) One reason profit motives are helpful, is because It gets the business the money It needs. Also helps pay employees and such. One reason why It could be harmful Is because
It’s all money driven. They’re taking money away from people who need It. In my personal opinion, I have a neutral feeling towards profit motive. 8. Choose a well- known company that you know of, and describe its direct and indirect competitors. Sentences. 3. 0 points) A well know company is Nikkei. Some of their direct competitors are Aids, Puma, and Rebook. Some indirect competitors are really Just any sports wear (sneakers, sport apparel, etc. ) Nikkei is a company that not only sells shoes, but sports apparel in general. All kinds of things. There competitors sell the same things just a different brand name.
And all indirect competitors sell the same goods as well. So for example it could even be a store like J Penny. They sell sneakers and sports apparel as well. 9. Imagine that you are buying a new computer and comparing different brands and prices. Describe at least two neoprene competition factors you might consider when making your decision. (2-4 sentences. 2. 0 points) Some non- price competition factors I would look for when buying a new computer (I’m goanna go with laptop) is probably, first off, brand name. I myself prefer Mac, so I would factor brands in. Another thing I would factor in is how well it handles I guess you could say. Meeting I would be comfortable using and would know how to use. 10. Describe a real or made up but realistic example of a product that went through a time of scarcity, when demand was greater than the supply. What is the product, and why do you think it became scarce? What happened to the price of the product when it was scarce? (3-6 sentences. 2. 0 points) A real product that is going through a time of scarcity is wood pellets. There is a high demand for them but they’re super tricky to get especially with winter being almost over. Very little places still sell pellets.
They’re becoming scarce because like I said before winter is almost over and you usually use a bag of pellets a day to heat your house, and so everyone;s going through them and winter is super long this year and cold that everybody needs them but there’s not a lot available. The good thing is though that prices seem to stay the same and they aren’t getting higher. 1 1 . Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this product might be low. (2-4 sentences. 2. 0 points) Again an example for this would be wood pellets.
The demand for them is higher in the winter, opposed to in the summer. 12. Describe an example off product that has highly elastic demand. Describe at least two factors that make this product’s demand so elastic. (4-6 sentences. 2. 0 points) An example of a product that has a highly elastic demand would be…. The housing market comes to mind when I think of elastic demand. Prices are always going up and down. Many different factors cause the elasticity like, how much the actual house is, how much people think it’s worth, it could be bibbed on, there could have been work done that increased the value of the home, etc.