Jazz Is Bands

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)
Save money
Create a budget

2. What is trade? (0.5 points)

Giving someone an item to get another item in return

3. What is a service? (0.5 points)
Something that you can do for someone for money

4. Name one of the three functions of money. (0.5 points)
Store of value

5. The real estate market is categorized in which way? (0.5 points)
By location by consumers and by commodity

6. What is a country’s GDP? (0.5 points)
The value of the services and goods produced in that country

Lesson 2 (3.0 points)

1. What is a market economy? (0.5 points)
An economic system that is regulated by the producers and consumers in the market

2. Name at least two features of capitalism. (1.0 points)
Competition and Entrepurnuirship

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 Competitors

4. What is a monopoly? (0.5 points)

Is when a company takes over an entire area so that the customer has no other choice but to come to them

5. What is a motive? (0.5 points)
A reason for doing some

Lesson 3 (3.0 points)

1. What is land as a factor of production? (0.5 points)

All natural resources, such as air, water, plants, sunlight, rocks, and minerals

2. What does the Law of Demand say? (0.5 points)

Says that the price of a product is determined by the supply of and demand for that product.

3. What does the Law of Supply say? (0.5 points)
Says 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