Economic Basics

Topics: Competition, Economics, Money Pages: 2 (787 words) Published: April 1, 2015
1. 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)  It can five me a better future. Its helps stability and you wont have to worrie about where your rent money is going to come from because your financial stable from what you built. It also give you freedom and sense of security. 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)  Two good things I bought were a phone and a car.

3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points)  Ive purchased labor on my car and cable company.
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)  Inflation affects moneys value by dropping the price to a low rate. It also causes the price of certain products to go up at a certain rate. 5. 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. 3.0 points)I would research unemployment rate that would give an idea of the competition for jobs . if it has been then the competition there is really hard.  

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 the best economic system is mixed because it contains both privately owned and state owned enterprises. It gives people the right to what they want and also...
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