Overall economics tests
Why do different nations have different approaches to economic organization? Write at least one complete paragraph.
Each nation has a different approach to economic organization because each nation has a different leader. It's not very often when people all agree on the same approach to something, everything has a different veiwpoint. All world leaders have a different ideas and beliefs when it comes to power and product distribution. Like america runs on innovation and innovation is mostly inspired through a free market which means government has little power over the economy. Unlike places like Russia where the government rules everything. Alot of nations want power and leaders will do whatever it takes to get that power.
In your own words, explain how the circular flow model describes the ways that resources, goods and services, and money flow among individuals, businesses, and governments in a market economy.
The circular flow model shows how resources, goods and services, and money flow among individuals, businesses, and governments by showing that they move from producer to households and back again. This cycle is never ending and is a constant loop. People earn income from wages that they were given through their work. Part of their income s spent on goods and services
Describe some of the consequences of trade barriers. Write at least one complete paragraph.
There are many consequences toward trade barriers. One downfall is that you sometimes can have a limited coice of products. If a country can import any goods then you have to rely on your country for those goods. Trading can also lead to increased prices because goods are being more expensive to by from other countries. Also, money increases when there is low unemployment because more labor is put in to produce these goods and get them imported/exported.
What are some of the advantages and disadvantages to earning a college degree? Write at least one complete paragraph.
There are many different reasons as to why someone may or may not want to go to college. Going to collegeg helps to ofurther your education, and education is something that always stays with you. With going to ocollege you have more job oppurtunities in the future and area more likely to be paid more and you have more of a say on what job you see yourself enjoying in your adult years. However, one of the biggest and main reasons kids dont go to college is because of the price. College is constantly getting more expensive and many students have student loan debts. Because of this, many students are stuck moving back home to their parents and working multiple jobs. College is also more stress because it is harder than high school and needs to be taken more seriously.
What are some of the advantages and disadvantages to different types of insurance? Write at least one complete paragraph.
There are multiple types of health insurance. There's health, auto, life, renters, travel insurance, etc. Health insurance covers the cost of medical treatments and by selecting higher deductibles and copaymets you can lower the cost of health insurance. Auto insurance is also another common one. This type of insurance helps to support the insured family in car accidents and if they were to get in a crash they have to pay for a portion but the insurance will also help to pay a big chunk. Life insurane can cover funeral expenses and and can provide income to the family if they're insured. The only cons to insurance is that it is costly and not all insurance companies will accept you.
Compare and contrast a strong dollar and weak dollar. Who benefits from and who is hurt by a strong or weak dollar? Write at least one complete paragraph.
A strong dollar means that the currency is appreciating while a weak dollar means that the currency is depreciating. A strong dollar is worth more which means when trying to exchange currencies people would have to give up more pesos or yen. A strong dollar makes american products more expensive for other country consumersx, foreign products then will be less expensive for consumers in the US. However, a weak dollar means products in the US would be cheaper for foreign consumers. Because of a weak dollar, imports are going to decrease while exports will probably increase.
How and why does the government use the economic tool of quantitative easing? Write at least one complete paragraph.
Quantative easing is a monetary police where central banks buy government securities to try to stimulate the economy. It's goal is to lower interest rates and increase money supply. The government uses this strategy when in a recession because it helps to try and stabilize the economy. This is not the governements go to but in some cases the economy is so unstable that its their only option. Before they use this they're likely to try and lower interest rates to see if that will help people put more money into the market through goods and services.
Summarize how governments decide on what programs to fund. What are some specific examples of such programs? Write at least one complete paragraph.
The government decides what programs to fund based off their budget. Their budget tells them how much they can put towards organizations to help society. An example of a program that the government funds would be the FDA (the food and drug association). This association protects public health and ensure the safety with certain food, drugs, etc. The government looks at their earnings and depending on the amount they earned they put some towards these types of organizations.
Examine the role of government in the economy. Consider including information on public policy and markets, government and consumers, government revenue and public services, and the proper role of government in the economy.
The government has a huge role in the growth of our economy. It provides organization, goods and services, and regulations to keep our economy operating. The government sets regulations on everything around us including food, water, alarm clocks, roads, etc. They set these regulations that keep us healthy, safe, and they keep businesses from lawsuits. The government also has to collect money and find the best and most effective ways to use it. They have to distribute the money to many different organizations and services. They have to make high pressured decisions that could affect the economy negatively if they make a mistake. The government keeps the economy stable and without it the economy would be a wreck.
How does the location of resources affect trade? Write at least one complete paragraph.
The location of a resource beleive it or not does affect trade. Different locations have different access to resources. All regions have different land, labor, and capital resources. Country's rely on trade to be able to have access to resources that arent available to them. Nations produce goods for exports and import in resources that they need. Nations use something known as comparative advantage which means that they produce whats easier and cheaper for them and let other countries produce whats more efficent and cheap for them.
Why do some groups oppose the policies of the IMF, the World Bank, and the World Trade Organization? Write at least one complete paragraph.
The policies of the IMF, the World Bank, and the world trade organization can be affective but there are disadvantages to it that cause opposition from different groups of people. One reason is that they're focused on the wrong way to go about it. They have no concern for environmental health and only for capital gain. These policies affect all human societies. Another problem is that they have the wrong interests, they act mainly in the interest of the rich, at the expense of the poor.
What are the advantages and disadvantages of increased global trade networks? Write at least one complete paragraph.
Trading globaly gives countries the oppurtunies for other countries to get access to resources they wouldn't usually have access too. This type of trade also allows for higher lvels of competition with decreasing prices, and companies can buy cheap resources from countries with weak currencies. Also calls for low production costs, higher tax revenue, and support from trade partners. As there are many advantages to this trade, there are also many disadvantages. Due to this there is a depletion of resources, local unemployment, and you have to rely on other countries.
Summarize what happens during the job interview process. Be sure to include how to prepare and what to expect during the interview. Write at least one complete paragraph.
When going in for an interview it is always important to dress professional and look confident in what youre doing. Always have good posture from the moment you walk into the building. Keep eye contact and smile at people you see as for they might play a role in your acceptance. Stay calm and dont fidget because that will be very noticable. Greet your interviewer with a handshake, a smile, and eyecontact. They are going to ask you questions about you and your knowleedge, your background, past jobs, how you go about things, and why you think you're a good match. Be sure to be yourself and if you dont know an answer to a question than its okay, just stop and take a second to think. Be sure to not say anything negative from past jobs and say what you learned from that experience. When the interviewer asks if you have questions for them ask them some because it shows you care and shows that you did your research. Be sure to leave a good impressiono as you leave.
Explain how to open and manage a checking account. Write at least one complete paragraph.
When opening a checking account there are specific steps required of you to take. When you go in you need to be sure that you have some form of identifacation to prove it's you. Next you need to be sure to have your personal information such as your social security card. In order to complete the set up though you have to have an initial amount of money. All banks pay intereest so find the banks that feels right to you, and that you know you can afford. When looking make sure the bank can help in your financial situation. Once you open your account keep records for proof is something goes wrong.
