Your Questions About Profitable Trading Plan

John asks…

Can you answer these economic questions? I have 29 minutes! :/?

Hey everyone, I have never taken an economics course before, and am researching these as we speak but probably won’t have the correct answers in 29 minutes when this work must be submitted. Can you help? Thank you so much!

1. The invisible-hand concept suggests that:
A. market failures imply the need for a national economic plan.
B.big businesses are inherently more efficient than small businesses.
C. the competitiveness of a capitalistic market economy invariably diminishes over time.
D. assuming competition, private and public interests will coincide.

Question 2
.The division of labor means that:
A. labor markets are geographically segmented.
B. unskilled workers outnumber skilled workers.
C. workers specialize in various production tasks.
D.each worker performs a large number of tasks.

Question 3
In a market economy a significant change in consumers’ desire for product X will:
A. alter the profits or losses received by certain firms.
B. cause a reallocation of scarce resources.
C.cause some industries to expand and others to contract.
D.do all of these.

Question 4
.Innovation lagged in the centrally planned economies because:
A.. there was too much domestic business competition.
B. there was too much competition from foreign firms.
C.enterprises resisted innovation in fear that their production targets would be raised.
D. exports had to equal imports for the plan to work.

Question 5
Specialization in production is important primarily because it:
A.results in greater total output.
B. allows society to avoid the coincidence-of-wants problem.
C.allows society to trade by barter.
D.allows society to have fewer capital goods.

Question 6
The use of money contributes to economic efficiency because:
A.governmental direction of the production and distribution of output can be avoided by using money.
B.roundabout production could not occur without the availability of money.
C. it is necessary for the creation of capital goods.
D. it promotes specialization by overcoming the problems with barter.

Question 7
The market system’s answer to the fundamental question “What will be produced?” is essentially:
A. “Goods and services that are profitable.”
B. “Low cost goods and services.”
C. “Goods and service that can be produced using large amounts of capital.”
D. “Goods and services that possess lasting value.”

Question 8
Which of the following is not an economic cost?
A.wages.
B.rents.
C.economic profits.
D. payments made to the entrepreneur for organizing production.

Question 9
Which of the following characteristics is least unique to a market system?
A.private ownership of property resources
B.competition among buyers and sellers pursuing monetary returns
C.the widespread use of money
D. freedom of enterprise and choice

John answers:

So, not only do you expect others to do your work for you, but you are a procrastinator as well. Suggest you consider a career in government.

Lizzie asks…

Did the 401k mark the end of ‘Golden Years’ for most Americans?

Is the transfer of responsibility (risk) from our ‘benevolent’ corporate masters to individuals, known as the ‘401k’, serving us well?

Before the 1950s it was something only the wealthy could afford to do. Everyone else needed an income, and most folks struggled to get by in the industrial economy as their faculties deteriorated. Then came ‘Retirement’ for the masses.

The social reformist dream became reality with the 1935 Social Security Act, the spread of the corporate defined benefit pension plan and Medicare in 1965. For most workers the last stage of life became a time of leisure, recreation and enjoyment. Is that now disappearing?

The Age of Retirement was one of America’s most successful social reforms ever. But that era seems to be over. A new vision of old age is emerging from the trauma of the credit crunch and the Great Recession: Forget retirement. Keep working. The key question is no longer “How early can I retire?” For many it has become “How can I retire?”

Of course, like all tectonic social and economic shifts, the trend isn’t new. It has been building for the past three decades with the move away from traditional pensions, with their involuntary contributions and steady payout, in trade for 401k-type plans, with their voluntary contributions and uncertain returns.

For workers nearing their retirement years, the median balance on 401k’s and IRAs combined – a mere $78,000 in 2007. And the stock market reached its all-time peak that year! But the Great Recession has devastated portfolios since then, a stark reminder to millions of near-retirees that they haven’t saved enough to fund a good retirement. For many, Social Security has now become the prime, rather than supplemental, source of retirement income.

Indeed, taking into account the declines in financial assets and housing, the National Retirement Risk Index as of mid-2009 signals that 51% of households are at risk at age 65 of not having enough retirement income to maintain their pre-retirement standard of living. That’s up from 44% in 2007 and 43% in 2004, according to the index’s creator, the Center for Retirement Research at Boston College.

Yet companies are far from eager to fill their ranks with an aging workforce. Combine that with a contention for resources (jobs) from the younger, more educated, more ‘energetic’ members of society and a stage is set for some ‘interesting’ conflicts/experiments in our social evolution. This will also introduce some ‘dramatic skewing’ in market demographics, especially for some industries.

The same energy and marketing savvy that created mass tourism and leisure will need to be expanded on building satisfying careers and job opportunities for a highly experienced but graying and less robust work force. For workers burning the midnight oil in a tough economy – they’re bone tired from working. Health problems are wearing them down. And, as the astute social commentator H.L. Mencken noted back in 1922, occupation matters:

If he got no reward whatever, the artist would go on working just the same; his actual reward, in fact, is often so little that he almost starves. But suppose a garment worker got nothing for his labor: Would he go on working just the same? Can one imagine his submitting voluntarily to hardship and sore want that he might express his soul in 200 more pairs of ladies’ pants?

The transition to the new world of the older worker brought about by the 401k in lieu of the corporate retirement plans our parents enjoyed, will be difficult. But Americans can afford to grow old. They will grow old gracefully – and on the job.

So, how’s that 401k working for ya? As good as Pop’s corporate funded retirement – or not? Interested in opinions. In any event, it sure is cheaper for our rich benefactors. That much would appear to be clear. The greatest game ever – and it sold/sells itself? Not hard to sell choice, and profitable if you set it up right?
The 401k replaced the corporate pension plan, not Social Security.

John answers:

Wow, finally a well thought out argument against one of the pillars of our economy. I will start by mentioning a few companies, Bethlehem Steel, United Airlines, Pan Am, and Lucent. What do these companies have in common? They are either not in existence, filed bankruptcy or are on bankruptcy watch because of Defined Benefit Plans. Even the government got rid of the Defined Benefit plan they had for their employees because of the cost, they have gone to a 401K like plan called the TSP.

The problem with the 401k is that they don’t allow for large enough contributions and people do not fund them enough. Furthermore, most people do not take enough risk in their plans leading to returns that don’t outpace inflation. The problem with our father’s Defined Benefit Plan is that it destroys the companies that offer it. This will ultimately wreck the economy.

The 401k has not marked the end of ‘Golden Years’ for most Americans. I think it is one of the greatest innovations of the last century. Since when is taking responsibility for your own retirement a bad thing. The days of being taking care of are over. Used properly the 401K is better than any Defined Benefit Plan and it is cheaper.

Nancy asks…

Which of the following began World War II?

a. the defeat of Franco’s Nationalists
b. the Anschluss
c. Hitler’s attack on Czechoslovakia
d. Hitler’s attack on Poland

Indian nationalism became more radical when the British announced plans to partition
a. Calcutta.
b. Bengal.
c. the Northwest Provinces.
d. Kashmir.

Which best describes political motives driving the new European imperialism in Africa?
a. European leaders believed that controlling colonies would gain them more respect from other leaders.
b. European leaders wanted to develop industry in Africa and reap their profits.
c. Population decline led European countries to look to Africa for workers to fuel industrialization in home countries.
d. Europeans believed they had much to learn from Africans.

Which series of events led to World War I?
a. Austria took over Bosnia, Serbia declared war on Austria, and Germany declared war on Serbia.
b. Germany declared war on Serbia, Russia moved to support Serbia, and Great Britain declared war on Russia.
c. Austria-Hungary declared war on Serbia, Russia moved to support Serbia, and Germany declared war on Russia.
d. An Austrian-Hungarian nobleman was assassinated, Germany moved to support Austria, and Great Britain declared war on Germany.

What was an effect of the Columbian Exchange?
a Native American diseases destroyed European populations.
b. The exchange of foods and animals had a dramatic impact on later societies.
c. Llamas began to be used as beasts of burden.
d. Triangular trade became less profitable.

John answers:

D. Hitlers attack on poland
c. Northwest prov.
D.
B.
B.

Charles asks…

Which company idea should I pick?

I would like to start an online company. My goal is to eventually make six or more figures a year. I have two ideas, 1 being a interactive type of site, and 2 being a standard online business. I’m not sure which one is profitable.

1. A website where people can siign up for free and sell, list, buy, trade, and auction off their websites and or domain names. Users would be charged a small fee to post a listing. They could then post info and photos of their site and people can buy the site for a buy now price, or get entered into an auction. I would have account ratings and telephone verification to help with security. There is already a site called flippa.com that does everything I just mentioned. The reason why people don’t like flippa is because the listing fee is to high. If I can lower th fee, and implement a marketing plan, I will have success. Flippa makes 4-5k a day just from advertisiments on their site. There are currently pre made scripts available for this type of site, and they only cost $60. The problem is, it is not a professional site, and I’m worried about bugs with the script. If I wanted to make this site, should I buy the pre made scripts, have an elance person build an okay site for $1000, or hire a web design firm to build a top notch site for 10k? I am a teen, so my startup cash is limited.

Pros- limited competition, huge potential
Cons- huge startup
2. I would start a web hosting company by reselling web hosting plans. I would join a companies reseller program, and create a website and promote hosting plans. The company keeps the wholesale cost, and I keep the markup. So if it’s 40 a year and I mark up to 65 a year, I keep 25 a year for that customer. It is recurring income. If I get a modest 2 people per day, I would have 730 clients by the end of the year. That means for the next year, I am making 18k from the people from the first year, while also gaining new clients. So every year, assuming that the client still is hosting with us, I am getting an additional 18k. So I’m making tons of money for years to come. I have heard of host gator and resellers panel which I think has good reseller plans. Resellerspanel has great profits and you get unlimited domains, a website to promote your company, 24/7/365 support, and marketing tools. Resellerspanel does not use cpanel though. They have their own site builder and control panel system which is a problem for clients who want or need cpanel. Host gator costs more than resellers panel, does not host as much space, but does come with cpanel. Would you recommend I use resellers panel, or any other hosting company.

Pros- super low startup costs, just need to promote, work any hours
Cons- a lot of competition, but hey, if you attract people to your site first and they like your plans, you get their sale.

Which idea is more profitable. Do you think any could make me six or more figures a year? Thanks.

John answers:

This’s your 3rd posts.

Lisa asks…

Which business idea should I pick?

I would like to start an online company. My goal is to eventually make six or more figures a year. I have two ideas, 1 being a interactive type of site, and 2 being a standard online business. I’m not sure which one is profitable.

1. A website where people can siign up for free and sell, list, buy, trade, and auction off their websites and or domain names. Users would be charged a small fee to post a listing. They could then post info and photos of their site and people can buy the site for a buy now price, or get entered into an auction. I would have account ratings and telephone verification to help with security. There is already a site called flippa.com that does everything I just mentioned. The reason why people don’t like flippa is because the listing fee is to high. If I can lower th fee, and implement a marketing plan, I will have success. Flippa makes 4-5k a day just from advertisiments on their site. There are currently pre made scripts available for this type of site, and they only cost $60. The problem is, it is not a professional site, and I’m worried about bugs with the script. If I wanted to make this site, should I buy the pre made scripts, have an elance person build an okay site for $1000, or hire a web design firm to build a top notch site for 10k? I am a teen, so my startup cash is limited.

Pros- limited competition, huge potential
Cons- huge startup
2. I would start a web hosting company by reselling web hosting plans. I would join a companies reseller program, and create a website and promote hosting plans. The company keeps the wholesale cost, and I keep the markup. So if it’s 40 a year and I mark up to 65 a year, I keep 25 a year for that customer. It is recurring income. If I get a modest 2 people per day, I would have 730 clients by the end of the year. That means for the next year, I am making 18k from the people from the first year, while also gaining new clients. So every year, assuming that the client still is hosting with us, I am getting an additional 18k. So I’m making tons of money for years to come. I have heard of host gator and resellers panel which I think has good reseller plans. Resellerspanel has great profits and you get unlimited domains, a website to promote your company, 24/7/365 support, and marketing tools. Resellerspanel does not use cpanel though. They have their own site builder and control panel system which is a problem for clients who want or need cpanel. Host gator costs more than resellers panel, does not host as much space, but does come with cpanel. Would you recommend I use resellers panel, or any other hosting company.

Pros- super low startup costs, just need to promote, work any hours
Cons- a lot of competition, but hey, if you attract people to your site first and they like your plans, you get their sale.

Which idea is more profitable. Do you think any could make me six or more figures a year? Thanks.

John answers:

Listen, I don’t want to pop your bubble, but I don’t think either one of these is that great. First one, what makes you think you are going to out-do the existing sites which you have sorely underestimated (Flippa is just one, godaddy.com does this and so do many others) with a $1,000 or even $10,000 budget? It’s being done well already, you bring nothing additional to the table. Second one is more realistic but your math is probably very faulty – you are not going to sign up two new customers a day. If you think you are, then tell me – how are you going to promote your site where people sign up? That is a highly, highly competitive area when it comes to building traffic.

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