Question

This is part of the whole assignment. It is sorta long. But them short. And I would appreciate it if somebody helped me! Thank you. It is part of personal finance.

Q1: 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)

Q2: List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary.)

Q3: List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary.)

Q4: 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)

Q5: 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)

Q6: 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)

Q7: 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)

Q8: Choose a well-known company that you know of, and describe its direct and indirect competitors. Describe at least three direct competitors and three indirect competitors. (6-12 sentences)

Q9: Imagine that you are buying a new computer and comparing different brands and prices. Describe at least two nonprice competition factors you might consider when making your decision. (2-4 sentences)

Q10: Describe a real or made up but realistic example of a product that went through a time of scarcity, when demand was greater than the supply. What is the product, and why do you think it became scarce? What happened to the price of the product when it was scarce? (3-6 sentences)

Q11: Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this product might be low. (2-4 sentences)

Q12: Describe an example of a product that has highly elastic demand. Describe at least two factors that make this product's demand so elastic. (4-6 sentences)

Answer 1

Q1) a)Finacial planning skill can help you compund your income and beat the inflation

Example- with financial planning we can compund our income while investing in different asset classes

I regularly invest in equities and buy good quality investment stocks which generate good return compare to what i can get from bank also it helps to beat inflation which eats the value of the asset over long term

B) financial planning helps me to achieve my future financial goals

Example- As i have to buy a house as well as prepare for my child’s studies i have to save money accordingly and invest in good asset which can help me achieve my financial goals with taking moderate risk.

Q2) Two goods would be Car and a mobile phone- as they are need of ther hour

Q3)Insurance service and Finacial planning advisory service

Q4) Inflation affects money as store of value

Inflation actually decreases the purchasing power of money so the loose of value of the money and in consequence it would be necessary more money to do the same transactions, that could be positive for the economy on the way that the productors would receive more monetary benefits, the output could increase and finally the workers would receive higher wages