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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) One example of financial planning that could help me would be saving for a new car. Another example would be saving for college. Saving for a new car is important because I will need a car for work and college. Saving for college is important because I want to attend a good college so I can study to become a scientist. 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) candy bar, video games. 3. …show more content…

If inflation is high the value of that country’s currency is low this would cause me to not get paid as much if I did get a job. The third economic factor I would research would be Gross Domestic Product. GDP tells us how the country is producing as a whole. If GDP is high then the country is more productive and if GDP is low it is less productive and these factors could cause me to not want to live in that country. 6. Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. Describe at least one reason why you think this system is best for consumers. (4-7 sentences. 3.0 points) I think the best economy is Mixed economies are likely to be the best choice for consumers. This is because there is no dominance of a particular ideology (capitalism, socialism, etc.). This type of system allows for a wider variety of applying differing methods to a host of problems. In other words, it allows for greater openness and less restriction when considering which ideas are ideal for the situation. 7. In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be helpful for society and at least one reason that they may be harmful for society. Then, explain whether you think profit motive is a good thing or a bad thing for society. (4-7 sentences. 2.0 points) At least one reason businesses with profit motive is helpful is because

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