Section 1 Personal Finance Assignment Essay

864 Words Mar 7th, 2013 4 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
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10. 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. 2.0 points) * Shamrock shakes, is in great demand with little supply. I think this item became scarce because it is only out for a month or two throughout the whole year, which makes everyone have to get it at once. Thus causing the prices to go up.
11. 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. 2.0 points) * Football cleats, they will go into high demand for football season. When the season ends the demand for them will be significantly less.
12. 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. 2.0 points) * The product - A stock in a micro-cap company or a gas or pharmaceutical company. * Factors - The government proposing a law that is in favor of the industry, media, and just regular

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