assignment 1 Essay

Words: 1431
Pages: 6

Assignment 1: Economic Basics

(24.0 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. 2.0 points)
One example of financial planning that could help me would be saving for a new car. Another example would be saving for college. Saving for a new car is important because I will need a car for work and college. Saving for college is important because I want to attend a good college so I can study to become a scientist.

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) candy bar, video games.

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A reason companies with a profit motive may be harmful to society is because, they may not necessarily care about the safety of their product. Overall profit motive is a good thing for society, because it provides for better job opportunities.

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)
Three direct competitors would be Wal-Mart, K-mart, and Meijer. Three indirect competitors would be Kroger, Big lots, and Dollar tree. These company’s sell many things that are the same some not so much. Wal-Mart, K-mart, and Meijer are direct competitors because they all compete for lower prices on similar items. Kroger, Big lots, and Dollar tree are indirect competitors because they do not compete for lower prices on the same items in a large scale like Wal-Mart, K-mart, and Meijer.

9. Imagine that you are buying a new computer and comparing different brands and prices. Describe at least two nonprice competition factors you might consider when making your decision. (2-4 sentences. 2.0 points) When it comes to RAM, more is better. So when deciding on a computer to buy that should be kept in mind. Just like RAM, hard drives are a "bigger is better" affair. Those are the two biggest non-price factors I would consider

10. Describe a real or made