Personal Finance Assignment
1 - Personal Finance Assignment introduction. 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) * Plan for retirement- planning for retirement can make for a better and easy future. Planning for retirement will also help you learn how to make investments and save money * Create a budget- creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt.
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) * Phone, and clothes. 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) * Babysitting, and painting. 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) * As inflation increases it requires more and more dollars to buy the same thing.
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Hence, the dollar is worth less. 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) * Fuel prices- if the fuel prices are high it would make it difficult to travel, or it would result in losing a tremendous amount of money. Transportation- if there is a poor transportation system it will make it very difficult to get to and from places. Possibly playing a huge factor in getting a job.
* Demand for labor- if there is a low demand for labor it will be very hard to find a job. If you cannot find a job you will be unable to support yourself. 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. points) * I think the best is mixed, because it contains both privately-owned and state-owned enterprises. It gives people the right to what they want and also the government to be involved. The government can intervene to make sure that the companies don’t harm the customers. 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)
* Capitalism allows people to choose what job they want to do. It gives people the right to spend their money where they want. Harmful: the gov’t control is very limited; it allows people to dominate the industry. The wealthy get wealthier and the poor get poorer. 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) * Nike Direct competitors – Adidas, Reebok, and under armor * Indirect competitors- target, apple, Kmart 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) * One would be design; I would be looking for something unique. * The second one would have to be size, I would need a size compatible for me. 10. Describe a real or made up but realistic example of a product that went through a time 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) * Shamrock shakes, is in great demand with little supply. I think this item became scarce because it is only out for a month or two throughout the whole year, which makes everyone have to get it at once. Thus causing the prices to go up. 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. 0 points) * Football cleats, they will go into high demand for football season. When the season ends the demand for them will be significantly less. 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) * The product – A stock in a micro-cap company or a gas or pharmaceutical company. * Factors – The government proposing a law that is in favor of the industry, media, and just regular speculation.