Essay on vlac personal finance assignment 1

1090 Words May 9th, 2014 5 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)
2 important things financial planning skills can help you do is one, it can help you create budgets. creating budgets can help you save your money. Another thing it can help with is setting goals. this goes along with saving and creating budgets so you can afford, for example a car, or a house in the future.
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)
I haven’t really made any big purchases, I usually spend my money on little things I need and clothes. I do
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6. Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. Describe at least one reason why you think this system is best for consumers. (4-7 sentences. 3.0 points)
I think a mixed economy would be better for consumers. I think this because it’s the best of both worlds. You get all in one. so instead of experiencing one economic system, you get to experience multiple economic systems.

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)
One reason profit motives are helpful, is because it gets the business the money it needs. Also helps pay employees and such. One reason why it could be harmful is because it’s all money driven. They’re taking money away from people who need it. In my personal opinion, I have a neutral feeling towards profit motive.
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)
A well know company is Nike. some of their direct competitors are Adidas, Puma, and Reebok. some indirect competitors are really just any sports wear (sneakers, sport apparel, ect.) Nike

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