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