assignment 1

Topics: Price elasticity of demand, Elasticity, Economics Pages: 4 (1442 words) Published: September 26, 2013
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) One example of financial planning that could help me would be saving for a new car. Another example would be saving for college. Saving for a new car is important because I will need a car for work and college. Saving for college is important because I want to attend a good college so I can study to become a scientist.

2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) candy bar, video games.

3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) guitar lessons, car repair.

4. 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) If purchasing candy bar costs a dollar, inflation causes us to not be able to purchase the candy bar for a dollar. Inflation causes a dollar to loose purchasing power. Inflation causes the dollar to be worth less than what it was worth before. We can’t buy as much with the dollar during times of inflation.

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) I would like to move to Germany and I am researching jobs. I would look at that countries unemployment rate. I would look at the unemployment rate because it will tell me if most people are employed and have job or if the rate...
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