One important thing that financial planning skill can help me do is save money. The reason this is important because if prices of good go up, then I want enough money to buy those goods. Another important thing it can help me do is know how to spend money. This is important because I want the best deal for the money I spend.
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)
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)
· Coaching a Sport 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)
You can’t get as many goods or services as you use to with your dollar. The prices of goods and services go up. Inflation also effect employments rates so a lot of people will be unemployed. 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 look for what type of economic system it has. I will also check the unemployment rate, The GDP, and the Price stability. I would check these things because I might want to start a small business and those things would affect my business. I won't have a good business if there is no demand for my products. 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 for consumers is mixed. I think that because government has some regulations about the prices of goods and services. And that protects consumers and small businesses. Capitalism is a good example.
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) The business might also care about things like its employees, customers, community, or the environment. It can be harmful because the business exists in order to make a profit on behalf of its owners. I think it is a good thing for society. I thing that because it gives other motivation to start their own business.
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)