Assignment 1 Unit One

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) Prepare for my future & help me become more respinsible with money.
2. What is trade? (0.5 points) the exchange of things of value.
3. What is a service? (0.5 points) something of value that a person can do for other people.
4. Name one of the three functions of money. (0.5 points) Unit of account.
5. The real estate market is categorized in which way? (0.5 points) By commodity
6. What is a country’s GDP? (0.5 points) gross domestic product
Lesson 2 (3.0 points) 1. What is a market economy? (0.5 points) economic system that is regulated by the interactions between producers and consumers.
2. Name at least two features of capitalism. (1.0 points) individuals can own businesses and goods & has some government regulation.
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)
Direct competition.
4. What is a monopoly? (0.5 points) when one company controls an entire area of goods or services, so that customers don't have other choices
5. What is a motive? (0.5 points) a reason for doing something
Lesson 3 (3.0 points) 1. What is land as a factor of production? (0.5 points) not just the surface of the earth, but everything in the universe that wasn't created by people
2. What does the Law of Demand say? (0.5 points) that if all other factors are equal, the demand will go down if the price goes up, and the demand will go up if the price goes down
3. What does the Law of Supply say? (0.5 points) that if all other factors are equal, the supply will increase if the price goes up, and the supply will decrease if the price goes