Personal Finance

Topics: Economics, Supply and demand, Price elasticity of demand Pages: 1 (291 words) Published: November 2, 2014
Section Review #1
100 points
This Section Review covers Sections 1-3 of the Personal Finance Course. You will need to use the information found in those sections as well as your completed assignments to answer these questions. Each question is worth 5 points for a total of 100 points. 1.Identify and summarize each step of the financial plan. Give an example of a bad financial decision and use each step in the financial plan to rectify that bad decision. 2.Explain the difference between a good and a service. List two examples of a job that would provide a good and list two examples of a job that would provide a service. 3.List the functions of money and describe what impact inflation has on each. 4.Choose a country with a weak economy based on what you have learned about economic factors and indicators. Develop a plan or a proposal to strengthen that country by listing three factors that may need to be addressed. 5.Describe the relationship between profit motive and capitalism. Explain how capitalism and profit motive can benefit a country and how the two can harm a country if they are not executed properly. 6.Explain the process to determine if a product has high elastic demand. Give two examples that make this product’s demand elastic. What are two other possible outcomes that may change the product’s elasticity? 7.Explain what must have happened to a product that once had high demand and but now has a low demand. Give an example of why the demand for this product has decreased. Also, explain what must have happened to a product whose demand was low now the demand for that product has increased. Give an example.
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