Why is it important to track your income and your expenses? 1. because knowing whether you can afford your lifestyle or not is the first goal of financial literacy

2. because knowing whether you can afford your lifestyle or not is the only goal of financial literacy

3. because you need to by law

4. because your income will tell you how much money you can save

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.