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Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2. 0 points) Financial planning skills can help give you financial security and make sure that you have enough to pay your bills on time every month. And still have enough to buy your personal items so you won’t be in debt for the rest of your life. Financial planning skills also can help your money to grow. You can save a certain amount of money every month so your money can grow and grow so you can have none In case off raining day.
These skills are Important to me because I never want to be In debt and I want to be financially stabled In life I always want to have money on the side Just In case I really need It. 2. List two examples of goods you have purchased In the past or may purchase In the future. (Complete sentences are not necessary. 0. 5 points) I would love to purchase a car and a house in the near future. 3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0. Points) I have purchased riving lessons from Arcade driving school and I have gotten haircuts in the past from my barber. 4. One of the functions of money is as a store of value. How does inflation affect money’s ability to store value? (3-6 sentences. 2. 0 points) The functions of money are to serve as a medium of exchange, a unit of account, and a store of value. Inflation mainly affects the ability of money to serve as a store of value, since inflation erodes moneys purchasing power, making it less attractive as a store of value.
Inflation is defined as an increase in the overall level of prices over an extended period of time. . Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy’s strength or weakness, and explain how each factor would affect your decision to move there. (4-6 sentences. 3. Points) Before I move too new country I would research the countries Gross Domestic Product when the GAP Increases the economy Is growing and becoming stronger. When It decreases the economy Is shrinking and become weaker. I would also research Its unemployment rate a low unemployment rate Is a sign of a good economy because that means that most people have Jobs. And I would research Its Price stability and Inflation. If the economy has price stability that’s a sign of a good economy and Inflation Is a sign of a weak economy. 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 would be a planned economy. A planned economy is a system which the government controls the prices of commodities. I think it’s better for consumers because it ensures the equal distribution of wealth of all citizens, so that there aren’t some people who are rich and others who are poor. It also ensures that all citizens have access to basic services such as health care and education. . 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. . 0 points) A profit motive system is a good thing because it rewards businesses that are efficient and don’t waste time or money. And some profit motive companies actually care about their society and try to help the community.
But some people criticize capitalism for encouraging companies to be more money-driven instead of focusing on primarily on the good of society. Because if the good of society conflicts with profits, it’s likely that the company will put profits over the good of society. 8. Choose a well-known company that you know of, and describe its direct and indirect competitors. Describe at least three direct competitors and three indirect competitors. (6-12 sentences. 3. 0 points) Pizza hut is a very well-known company and it has many competitors direct and indirect.
One of its direct competitors would be Papa Johns because their also a pizza restaurant. Little Caesar pizza will also be a direct competitor. And Rocky Rococo’s will also be a direct competitor because they both sell pizza at their restaurants. Taco Bell will be its indirect competitor because a customer can choose one over the other. McDonald’s and Wendy will also be indirect competitors because they sell food it may not be the same food as pizza hut but their still competition. 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) If I was buying a new computer I would think about how fast the service is. And I will also think about the durability of the computer I wouldn’t want a computer that breaks down easy. 10. Describe a real or made up but realistic example of a product that went through a mime 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) If a disease started spreading to pigs able to sell bacon from a sick pig to people because they will also catch the disease. And since there would be a limited amount of bacon the price of the bacon will increase. 11 . 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. Points) A swim suit might be a high product during summer time and maybe even really hard to find.
But when coming towards the fall and winter the demand will be low. 12. Describe an example of a 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) Jewelry is a highly elastic demand because people don’t really need it they just want it to make their appearance more noticeable. And if the price of a piece of jewelry raises people might think twice about buying it because it’s not really a need and they also might be on a budget.