Personal Finance

Topics: Supply and demand, Economics, Market economy Pages: 2 (299 words) Published: September 20, 2013
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, make a budget, understand taxes
2. What is trade? (0.5 points) the exchange of things of value
3. What is a service? (0.5 points) something of value a person can do of others
4. Name one of the three functions of money. (0.5 points) store of value measure the value of a good or school
5. The real estate market is categorized in which way? (0.5 points) by location and commodity
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) regulated by the interactions between producers and consumers in the market
2. Name at least two features of capitalism. (1.0 points) mostly a free market, has some government regulation, monopolies are illegal
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 and price comp
4. What is a monopoly? (0.5 points) when one company controls an entire area of goods or services
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) not just the surface of earth but everything 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 and demand of the good
3. What does the Law of Supply say? (0.5 points) if prices will go up supply increases and 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) can be seen and touched physical matter
6. What is capital as a factor of production? (0.5 points
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