Online Personal Finance Study Question 2
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 and invest money. Purchase items at a lower price
2. What is trade? (0.5 points) The exchange of things of value
3. What is a service? (0.5 points) It is something of value that a person can do for other people.
4. Name one of the three functions of money. (0.5 points) Medium of exchange, store of value, and unit of account.5. The real estate market is categorized in which way? (0.5 points) Commodity
6. What is a country’s GDP? (0.5 points) The value of 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) Competition and profit motive
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 Competitors
4. What is a monopoly? (0.5 points) When one company controls an entire area of goods and services, so that the customers don’t have other choices.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) Does not include the surface of the earth, but everything in the universe that wasn’t created by people. It includes air, water, plants, and sunlight
2. What does the Law of Demand say? (0.5 points) Demand will go down if the price goes up, and the demand will go up if the price goes down.
3. What does the Law of Supply say? (0.5 points) The supply will increase if the price goes up, and the supply will decrease if the price goes down.
4. What is
2. What is trade? (0.5 points) The exchange of things of value
3. What is a service? (0.5 points) It is something of value that a person can do for other people.
4. Name one of the three functions of money. (0.5 points) Medium of exchange, store of value, and unit of account.5. The real estate market is categorized in which way? (0.5 points) Commodity
6. What is a country’s GDP? (0.5 points) The value of 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) Competition and profit motive
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 Competitors
4. What is a monopoly? (0.5 points) When one company controls an entire area of goods and services, so that the customers don’t have other choices.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) Does not include the surface of the earth, but everything in the universe that wasn’t created by people. It includes air, water, plants, and sunlight
2. What does the Law of Demand say? (0.5 points) Demand will go down if the price goes up, and the demand will go up if the price goes down.
3. What does the Law of Supply say? (0.5 points) The supply will increase if the price goes up, and the supply will decrease if the price goes down.
4. What is