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Finished Section 1 Study Questions

By Alyssa-Galeon Feb 16, 2015 451 Words
Name _Alyssa Galeon________________________________
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. Make choices about how to spend money responsibly. 2. What is trade? (0.5 points)
The exchange of things of value
3. What is a service? (0.5 points)
The action of helping or doing work for someone
4. Name one of the three functions of money. (0.5 points)
Money is used as a medium of exchange
5. The real estate market is categorized in which way? (0.5 points) Markets are often categorized by both commodity and geographic location, such as the Southwestern real estate market or the U.S. stock market 6. What is a country’s GDP? (0.5 points)

The value of the goods and services 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 interactions between producers and consumers in the market 2. Name at least two features of capitalism. (1.0 points)
Capitalism is a system in which private individuals can own businesses and goods and in which production, and is also called a free enterprise system. 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) Private sector

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
Lesson 3 (3.0 points)

1. What is land as a factor of production? (0.5 points)
Land as a factor of production means not just the surface of the earth, but everything in the universe that wasn't created by people 2. What does the Law of Demand say? (0.5 points)
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)
If all other factors are equal, the supply will increase if the price goes up, and the supply will decrease if the price goes down. 4. What is elasticity? (0.5 points)
How much the price of a product affects the demand
5. What does tangible mean? (0.5 points)
Assets that have a physical form
6. What is capital as a factor of production? (0.5 points)
It consists of those goods which are produced by the economic system and are used as inputs in the production of further goods and services. Capital may be physical or tangible or intangible. Capital goods yield valuable production services over time

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