Essay about review business

Chapter Review Questions: Economic Basics
1) What would happen if all consumers had unlimited amounts of money to spend? If every consumer had unlimited amounts of money, literally the saying, ‘money is no object’ would apply to our society itself. If all consumers had unlimited amounts of money, we would all get whatever wanted, because there’s no issues with waiting or saving up. Whenever a new product would come out, people will feel that they may want it, and be the first to get it. With a lot of money comes greed, not only wanting the newest products; everything would be so materialistic, with even bigger houses, fancier expensive cars, one-of-a-kind clothing and sooner or later more upgraded money-oriented items. Our group discussed how this may greatly impact the economy and how everything would be unbalanced. The whole thought of every individual having all this money, would be biased; who wouldn’t want all that cash? After being evaluated, you can see that the statistics would be unbalanced as well as the quality of life. Getting tons of money without much labour or service implies that people would have little to no motivation for the future; they don’t have to get up in the morning and really accomplish anything on a daily basis with their mind and skills because it is all just given to them.
2) What would happen if all businesses shut down their operations for a two-week period? If businesses were shutting down for 2 weeks, with the consumers aware, most likely people would go out to buy whatever they need for the next two weeks, like groceries, hygienic products, entertainment, or whatever they feel they need. This sudden event may cause people to feel like they want more and start filling up their shopping carts. This temporary shutdown would affect the people greatly. A lot of jobs would be on put on break, people would not really have anywhere to go but school, industrial or non-commercial places.
The question is not very specific, so if all businesses were to shut down unexpectedly for 14 days, it’s like most of our world has been shut down, because if something you need something at the moment you cannot get it until the businesses open again. People would want to preserve what they have in the duration of that time, or even start selling to others to make their own small business for their own profit. On days like Labour Day, when businesses are publicly announced to be closed, in Scarborough neighborhoods buyers can still always go depends on retailers such as Shoppers Drug Mart, and certainly there would be people purchasing last minute items, so this does prove that we might struggle without any business open at all.

3) What if all countries had to be self-sufficient?
A self-sufficient country means absolutely no import and exports with other countries. They aid themselves, and use whatever resources that exist in their nation for all goods and services for their population. Each country would have distinct types of products, and there would be little variety. A lot of the products in Canada aren’t made here, but were made in places like China, or Bangladesh. China may have made and shipped all

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