Supply and Demand and Certain Private Businesses Essay

Submitted By MattyBoy87
Words: 345
Pages: 2
Open Document
Lesson 1 (3.0 points)

1. Name at least two things financial planning could help you do. (0.5 points)
Create a budget
Save and invest money
2. What is trade? (0.5 points)
Trade is the exchange of things of value.
3. What is a service? (0.5 points)
A service is something of value that a person can do for other people, such as babysitting, tutoring, or landscaping.
4. Name one of the three functions of money. (0.5 points)
Medium of exchange
5. The real estate market is categorized in which way? (0.5 points)
Services and goods
6. What is a country’s GDP? (0.5 points)
Gross domestic product, is the value of the goods and services produced in that country.
Lesson 2 (3.0 points)

1. What is a market economy? (0.5 points)
Market economy is 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)
Entrepreneur and competition
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

4. What is a monopoly? (0.5 points)
Certain private businesses become too powerful and make it hard for others to compete
5. What is a motive? (0.5 points)
A motive is a reason for doing something.
Lesson 3 (3.0 points)

1. What is land as a factor of production? (0.5 points)
Tangible
2. What does the Law of Demand say? (0.5 points)
The Law of Demand says that if all other
Show More

Related Documents: Supply and Demand and Certain Private Businesses Essay

Personal Fin Shayna Essay

features of capitalism. (1.0 points) Capitalism is a system in which private individuals can own businesses and goods and in which production. It is also called a free enterprise system 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) Private Sector 4. What is a monopoly? (0.5 points) Without government regulation, certain private businesses may become too powerful and make it hard for others to compete…

Words 370 - Pages 2

Week 1 Homework Essay

often that the government decides on a plan of action for aid of its citizens. A mixed economy is made up of a variety of government and private control, which reflects both socialism and capitalism (Economic Systems). In this kind of economy during a disaster, “consumers receive protection from the government in the form of financial assistance, but businesses are allowed, and in fact encouraged, to make a profit no matter the extent of the disaster” (Natural Disasters). So during a disaster, this…

Words 612 - Pages 3

Essay on Goal 8 Part 1 Test Study Guide

following terms: 1. demand-refers to the desire, willingness, and ability to buy a good or service. 2. demand schedule- a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices. 3. demand curve- a graph that shows the amount of a product that would be bought at all possible prices in the market. 4. law of demand- when the quantity demanded and the price move in opposite directions. 5. market demand- the total demand of all consumers for…

Words 1802 - Pages 8

Course Notes Essay

customer needs. 2. Identify four key social and economic roles that businesses serve 1. Provide Society with necessities 2. Provide people with jobs and a means to prosper 3. Pay taxes that are used by government to provide services for its citizens 4. Reinvest their profits in the economy; increasing a nations wealth 3. Differentiate between goods-producing and service businesses. Goods- Producing Business: Produce tangible goods Capital…

Words 1690 - Pages 7

Test Bank For Business In Action 7th Edition Bovee Thill Essay

studies economic behavior among consumers, businesses, and industries that collectively determine the quantity of goods and services demanded and supplied at different prices. Answer: FALSE Explanation: The study of a…

Words 16586 - Pages 67

Differentiate Between A Command System And A Market System

There is private ownership of resources. 2. Markets and prices coordinate and direct economic activity. 3. Each participant acts in his or her own self-interest. 4. In pure capitalism the government plays a very limited role. 5. In the U.S. version of capitalism, the government plays a substantial role. III. Characteristics of the Market System A. Private individuals and firms own most of the private property (land and capital). 1. Private property…

Words 2263 - Pages 10

Rationale of Malaysia’s Economic System on Utility Maximization Essay

In Malaysia, we are into mixed economy system. This economy system is the leading type of economic system that is used in most of the countries such as United States. Mixed economy system includes a mixture of capitalism and socialism. It combines private economic freedom, centralized economic planning and government regulation. Government plays major role in economic growth as well as distribution of wealth. For example, our government collects tax and provides subsidies at the same time for the…

Words 2178 - Pages 9

Economics and Sainsbury Plc Sainsbury Essay

UK COLLEGE OF BUSINESSES AND COMPUTING EDEXCEL BTEC (HND) BUSINESSES Business Environment Lecturer: Mr Peter Emelone Module Code: Unit 1 – Y/601/0546 Assignment Sainsbury PLC Written by Dimitrijs Stepcenko ID No. 10683 Contents Pages Introduction, Aims, Objectives 3 Task 1 4-8 Task 2 9-12 Task 3 13-18 Task 4 19-21 Conclusion 21 References 22…

Words 3660 - Pages 15

Essay on THOUGHT ON ECONOMICS BASICS 2

deficit – because an annual govt. deficit “pumps” demand into the economy. That should result in more spending, more jobs & more output (& stop rising unemployment). On the other hand, if economy is “over-heating” and inflation (the price level) is increasing faster than seems desirable, Govt. will usually choose to run an annual surplus – which “sucks” demand out of the economy (cooling it down). b) Monetary Policy (Interest Rates & the Supply of Money to the Economy) This is the responsibility…

Words 1270 - Pages 6

Compare And Contrast Command And Command Economy

The economic system contains the four major economies called the traditional economy, command economy, market economy, and the mixed economy. The traditional economy is known to be the oldest economic system in use, still being used in areas of Africa, Asia, and South America. Traditional economies sort their affairs the way that culture has always done it, hence the title traditional. These affairs stay within the family business, which most of them are agriculture related. Economic progression…

Words 574 - Pages 3