Section 1 Study Questions (9.0 Points)

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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) Identify Goals and Spending Priorities Educate You about Different Financial Products and Options. 2. What is trade? (0.5 points) The action of buying and selling goods and services. 3. What is a service? (0.5 points) A service is something of value that a person can do for other people, such as babysitting, tutoring, or landscaping. 4. Name one of the three functions of money. (0.5 points) Medium of exchange. 5. The real estate market is categorized in which way? The real estate market is categorized different ways depending on where you are in the US. For example in Lake Cumberland it is categorized by excellent value and extremely low property tax. 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) an economy that relies chiefly on market forces to allocate goods and resources and to determine prices. 2. Name at least two features of capitalism. (1.0 points) Capitalism is an economic system in which the production and exchange of wealth is made by private individuals or corporations. 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 when a company sells merchandise more expensive than competitors. 4. What is a monopoly? (0.5 points) The exclusive possession or control of the supply or trade in a commodity or service. 5. What is a motive? (0.5 points) A reason for doing something, esp. one that is hidden or not obvious Lesson 3 (3.0 points) 1. What is land as a factor of

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