Section 1 Personal Finance Assignment Essay

869 WordsMar 4, 20134 Pages
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) * Plan for retirement- planning for retirement can make for a better and easy future. Planning for retirement will also help you learn how to make investments and save money * Create a budget- creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt. 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) * Phone, and clothes. 3. List two examples of services you have purchased in the past or may…show more content…
(4-7 sentences. 3.0 points) * I think the best is mixed, because it contains both privately-owned and state-owned enterprises. It gives people the right to what they want and also the government to be involved. The government can intervene to make sure that the companies don't harm the customers. 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) * Capitalism allows people to choose what job they want to do. It gives people the right to spend their money where they want. Harmful: the gov't control is very limited; it allows people to dominate the industry. The wealthy get wealthier and the poor get poorer. 8. 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. 3.0 points) * Nike * Direct competitors – Adidas, Reebok, and under armor * Indirect competitors- target, apple, Kmart 9. 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. 2.0

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