Study Questions 1

Brandon Smith 9/26/2014 Study Questions 1

Section 1 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) Two things financial planning could help me do is Identify Goals and Spending Priorities.
2. What is trade? (0.5 points)
Trading is when you buy and sell goods and services. 3. What is a service? (0.5 points) A service is something of value that a person can do for other people such as mowing a lawn or babysitting. 4. Name one of the three functions of money. (0.5 points)
One of the functions of money is it acts like a Medium of exchange. 5. The real estate market is categorized in which way? (0.5 points)
The real estate market is categorized different ways depending on where you are in the US.
6. What is a country’s GDP? (0.5 points)
A country's GPD is gross domestic product. Lesson 2 (3.0 points) 1. What is a market economy? (0.5 points)
Market economy is an economy that relies chiefly on market forces to allocate goods and resources and to determine prices. 2. Name at least two features of capitalism. (1.0 points)
Two examples of capitalism is profit and exploitation. 3. A business that sells watches that are more inexpensive than the watches a competitor sells is using which type of competition? (0.5 points)
A Luxury Business Model. 4. What is a monopoly? (0.5 points)
The exclusive possession or control of the supply or trade in a commodity or service. 5. What is a motive? (0.5 points)
A motive is A reason for doing something Lesson 3 (3.0 points) 1. What is land as a factor of production? (0.5 points)
An economic term to describe the inputs that are used in the production of goods or services. 2. What