Economics Essay

471 WordsMar 6, 20132 Pages
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) Create a budget, save money for investing or retirement. 2. What is trade? (0.5 points) the act or process of buying, selling, or exchanging commodities, at either wholesale or retail, within a country or between countries 3. What is a service? (0.5 points) A service is something of value that a person can do for someone else like babysitting or mowing a lawn. 4. Name one of the three functions of money. (0.5 points) "a medium of exchange" "a measure of value" - "store of value" 5. The real estate market is categorized in which way? (0.5 points) 1. Vacant Land (unimproved) 2. Residential 3. Commercial 4. Industrial 5. Agricultural ... 6. What is a country’s GDP? (0.5 points) Lesson 2 (3.0 points) 1. What is a market economy? (0.5 points) A market economy is an economy in which prices are freely set based on supply and demand 2. Name at least two features of capitalism. (1.0 points) Self regulating land market 3. Private ownership of capital 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 is being used 4. What is a monopoly? (0.5 points) Monopoly- exclusive control by one group of the means of producing or selling a commodity or service. 5. What is a motive? (0.5 points) Economic motive; the reason for doing something or behaving in a specific way having to do with the economy. Lesson 3 (3.0 points) 1. What is land as a factor of production? (0.5 points) Land is defined as everything in the universe that is not created by human beings.

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