Module One Text Questions1 The financial
Module One: Text Questions
1. The financial choices we make impact our economy. Think of a recent item you purchased. What factors influenced your decision in making this purchase? Did this purchase impact your local economy? Explain why or why not.
A recent item I purchased was a Patte Kode yesterday with a few friends after a SGA meeting. The factors that influenced me to buy that item were my hunger, the near location of the Haitian establishment to my school, the price, and past experience of buying the patty. By going with four friends I was able to introduce three out of the four to the restaurant in turn creating more business and consumers for the restaurant which impacted my local economy through the money that we spent. The money paid will be used to pay the workers which will also help the workers who work there to be consumers in our local economy.
2. In the lesson you learned that a market economy is where the prices of services and goods are determined through a free system. Tell what you think an advantage and disadvantage is of this type of economy.
The advantages of a market economy is the ability for an individual to purchase any product that they wish through any company, the creation of competition which help to create either better quality products, cheaper products, or a mixture of both in turn giving consumers choices to choose from, and also the ability to create and own your own businesses if you wish. The disadvantages of such a system is limited government influence, because of limited government influence/ regulations workers rights are sometimes not taken into consideration and our natural resources and environment are depleted through lack of care and consideration because it’s all about making a profit. Government regulation is needed to keep businesses/ corporations in check.
3. Every day you hear on the news about different issues in the global economy.
Have you recently experienced anything in your own community that was a
1. The financial choices we make impact our economy. Think of a recent item you purchased. What factors influenced your decision in making this purchase? Did this purchase impact your local economy? Explain why or why not.
A recent item I purchased was a Patte Kode yesterday with a few friends after a SGA meeting. The factors that influenced me to buy that item were my hunger, the near location of the Haitian establishment to my school, the price, and past experience of buying the patty. By going with four friends I was able to introduce three out of the four to the restaurant in turn creating more business and consumers for the restaurant which impacted my local economy through the money that we spent. The money paid will be used to pay the workers which will also help the workers who work there to be consumers in our local economy.
2. In the lesson you learned that a market economy is where the prices of services and goods are determined through a free system. Tell what you think an advantage and disadvantage is of this type of economy.
The advantages of a market economy is the ability for an individual to purchase any product that they wish through any company, the creation of competition which help to create either better quality products, cheaper products, or a mixture of both in turn giving consumers choices to choose from, and also the ability to create and own your own businesses if you wish. The disadvantages of such a system is limited government influence, because of limited government influence/ regulations workers rights are sometimes not taken into consideration and our natural resources and environment are depleted through lack of care and consideration because it’s all about making a profit. Government regulation is needed to keep businesses/ corporations in check.
3. Every day you hear on the news about different issues in the global economy.
Have you recently experienced anything in your own community that was a