Assignment 1: Economic Basics (24.0 Points) Essay

629 WordsFeb 15, 20133 Pages
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) Create a budget and save and invest money. to me saving money is important because when I don’t have the money to do what I need to do that is a need. I can always go to my savings account and take out what I need. Budgeting is collecting not spending money unnecessary money. 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) Two goods I have purchased were an IPhone and clothing. 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) Two services I have done in the past was taking take care of my grandma and pet sitting. 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) Inflation can decrease the value of money overtime. Inflation is when the value of money goes down, so you can’t get as much for your money as you could in the past. 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) 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) 7. In capitalism, most businesses

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