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Assignment 1 Economic Basics

Essay by   •  April 6, 2017  •  Coursework  •  1,343 Words (6 Pages)  •  1,860 Views

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Assignment 1: Economic Basics

Instructions

Save the assignment to your computer with your name at the end of the filename (e.g., Graded_Assignment_U14_Alice_Jones.doc).

Type the answers to the assignment's questions. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for instructions about turning in your assignments.

Assignment

Total score: ____ of 24 points

(Score for Question 1: ___ of 2.0 points)

  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)

Answer:

Create a budget, this way you know how much you can spend. Because this way you are not spending money that you don`t have and to limit how much other stuff that you really don`t need

Save and invest money to put away your money or put it in something that you could get a return in.

The way I do that is I save my more so if I have a break down I can fix it right away and in invest is like buying a new mower so I can do more mowing jobs.

(Score for Question 2: ___ of 0.5 points)

  1. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary.)

Answer:

Type your answer here.

(Score for Question 3: ___ of 0.5 points)

  1. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary.)

Answer:

New tires for my pickup

New sweatshirts for school

(Score for Question 4: ___ of 2.0 points)

  1. 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)

Answer:

Medium of exchange, which is used to buy and sell goods or services. Inflation affects the moneys value by the way the market is because if the market is high the value of goods is higher of the dollar is lower. However, if the market is lower the price of goods decrease so the value of money goes up

(Score for Question 5: ___ of 3.0 points)

  1. 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)

Answer:

 The value of their currency to see if I what I would have to do to be able to survive financially. Their real estate to see if the real estate market is good or bad. Their Gross Domestic Product to see how much things will cost for living there. If they were all bad I would not want to move there because it a higher chance tat I would be broke with nothing left, but if there all good there`s a good chance that I would move there to that country.

(Score for Question 6: ___ of 3.0 points)

  1. 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)

Answer:

Market is the best one for consumers because the price can change it’s not as if a planned market where it is already decided no matter what happens. Because the rest are market that are so unpredictable that you have no clue what will and can happen to prices. Because it is based off supply and demand where if there’s a lot of demand the price of the products go up and if there’s a supply the price goes down

(Score for Question 7: ___ of 2.0 points)

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