Personal Finance Assignment 1
Name ___________Taylor Bravo
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) Financial planning is a very important way to gain the skill to save and invest money. This is something I want to learn because times are rough here at home so I want to do the best I can to save money and responsible invest. Another thing financial planning can help me do is make wise choices when spending money. This is equally as important to me because if I don’t prioritize my needs from wants then I won't have any money at all.
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) A pair of shoes, A laptop
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) A taxi ride home, have pizza delivered
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) Inflation affects moneys ability to store value because inflation can decrease moneys value over time. In turn the more inflation happens the less value you dollar holds. This is because as prices go up you can't buy certain items with the same amount of money.
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) First I would look to see what the country's GDP to see the value of the economy. This would also help me to see the value of the goods and services
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) Financial planning is a very important way to gain the skill to save and invest money. This is something I want to learn because times are rough here at home so I want to do the best I can to save money and responsible invest. Another thing financial planning can help me do is make wise choices when spending money. This is equally as important to me because if I don’t prioritize my needs from wants then I won't have any money at all.
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) A pair of shoes, A laptop
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) A taxi ride home, have pizza delivered
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) Inflation affects moneys ability to store value because inflation can decrease moneys value over time. In turn the more inflation happens the less value you dollar holds. This is because as prices go up you can't buy certain items with the same amount of money.
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) First I would look to see what the country's GDP to see the value of the economy. This would also help me to see the value of the goods and services