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Personal Finance Essay Sample

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Personal Finance Essay Sample

1) Name at least two things that financial planning help you do. – It helps you track all inflows and outflows.
– The cash flow planning shows you when you might run out of cash. Therefore, you will have to conserve your cash! 2) What is trade?
– The action of buying and selling goods and services.
3) What is a service?
– The action of helping or doing work for someone.
4) Name one of the three functions of money.
– A unit of account – it used to measure
5) The real estate market is categorized in which way?
– Residential
– Commercial
– Industrial
– Agricultural
6) What is a country’s GDP?
– Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. LESSON 2
1) What is market economy?
-A market economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand,[1] and prices of goods and services are determined in a free price system. 2) Name at least two features of capitalism.

– laissez-faire – as little gov’t interference in the economy as possible -private ownership of companies and businesses – this would provide for competition among businessmen and bring prices down for consumers. 3) A business that sells watches that are more inexpensive than the watches a competitor sells is using which of competition. – A Luxury Business Model is being used when a company sells merchandise more expensive than competitors 4) What is a monopoly?

– The exclusive possession or control of the supply or trade in a commodity or service. -The exclusive possession, control, or exercise of something: “men don’t have a monopoly on unrequited love”. 5) What is a motive?

– A reason for doing something, esp. one that is hidden or not obvious. LESSON 3
1) What is land as a factor or production?
– Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a production function.

2) What does the law of demand say?
– the law of demand states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant. 3) What does the law of supply say?
-The basic law of supply says that more of a good or service will be produced or offered as the price of it increases, and less will be produced as the price decreases. This goes along with the law of demand which states that demand will increase or decrease as the price goes up and down. 4) What is elasticity?

– the tendency of a body to return to its original shape after it has been stretched or compressed; “the waistband had lost its 5) What does tangible mean?
– Perceptible by touch.
6) What is capital as a factor of production ?
– Capital has been as that part of person’s wealth, other than land, which yields an income or which aids in the production of further wealth.

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