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) Make choices about how to spend money responsibly, plan for retirement. Because, I will need to know how to plan later on in life with my finances.
Some believe that raising the minimum wage would hurt people by making it harder to find jobs, when it actually will create more job opportunities for Americans. How does our economy expect families to live comfortably making $7.25 an hour? With inflation constantly on the rise the worth of money is becoming less and less valuable. Why can we not raise the minimum wage if everything else is increasing in price? The minimum wage needs to be updated to correlate with the times and value of the American dollar.
(3-6 sentences. 2.0 points) 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.
4. One of the functions of money is as a store of value. How does inflation affect money's ability The value of the dollar would decrease; prices in stores would go up. We carry money so we don’t have to 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.
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 because if I make a budget, then I can have extra money for myself. I will know how much to spend.
2.0 points) Inflation affects money's ability to store value because inflation makes the value of money go down. 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
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" is defined as an increase in the overall level of prices over an extended period of time. Or in other words Inflation occurs when the supply of money far exceeds the supply of goods and services.
Furthermore, the cost of the formerly unemployed, i.e. job seekers allowance, could now be redistributed through government spending, further increasing AD, to be spent on education in order to cure structural unemployment (decline in certain industry), and increase long term economic growth. However, the extent to which an increase in exports may reduce unemployment is dependant upon the current rates of unemployment. For example, if employment rates are already very high, an increase in exports would have little to no effect, as frictional unemployment,
Look at your pricing policy and make changes appropriately. You should compare your own hire prices to those of your competitors, check can you afford a rise in your prices without losing custom? You can use the trading, profit & loss forecast to monitor your spending throughout the year. Keep an eye on your monthly expenses to ensure they do not creep up higher than what you are expecting, as this will affect your overall profit at the end of the year. Use the figures in both forecasts to make appropriate decisions to ensure the survival and success of your
2.0 points) 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.