Budgeting
Consumer Protection & Insurance
Market System
100
What is the purpose of a budget?
A budget helps you keep track of your own money and help insure you spend it wisely, and helps show other people how to properly take care of their money.
100
Who enforces consumer protection laws?
The federal government has enacted a number of "consumer protection" laws and regulations which are enforced by the Federal Trade Commission (FTC).
100
What is the difference between a market and a command economy?
Market Economy has capitalism, make it or break it, make your own private businesses, and different prices and choices. Command has socialism /communism, government controlled economy, set prices, limited choices, all money goes to government, and equal pay.
200
What factors are involved in making financial decisions?
Logic is a factor that may involve data being reduced to mathematical constructs from which logical decisions can be made. Also, it depends on what the competition is doing. The current state of the economy is another huge factor.
200
How can insurance protect a property owner from finicial risks?
If they have a certain insurance like homeowners insurance will cover most types of damages.
200
How does supply & demand affect market prices?
The increase in demand cause by trends, wages, prices, or other things lead to consumers buying more products. The increase in demand which is decided by demand, the companies income, and overall sale forces companies to increase the supply to give to that demand. Markets may increase price because they know people will still buy it or they may lower the price to further increase so that they also can increase revenue.
300
What are the factors involved when an individual decides which goods and services to consume?
Mainly based on income, another main factor is obviously the price of the goods and services, price of related goods, and consumers' expectations.
300
How do insurance companies choose policies made available to people based on their risk factors?
Based on what peoples histories are, they make coverage of what people cannot control or handle.
300
How does competition among buyers affects prices of good and services?
If prices are low people want ot buy them, rather than going to a company whose product cost more.
400
Demonstrate the rationale behind consumers choosing specific goods and services.
A very important factor behind how we as consumers decide which products we want to use/consume is by how we are protected and or our consumer rights.
400
What is identify theft?
Identify theft is the fraudulent acquisition and use of a persons private identifying information usally for financial gain.
400
How does competition among buyers affect prices of good and service?
The more people want ot buy something the less of the product there will be and the more the cost.
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