Noobie Question Regarding Domain Extensions and SEO

1) Does Google favor sites with extensions like .com .org, and .net?
2) If there are competitors with less backlinks and traffic, would they still rate higher on SEO due to their extensions?

3) Basically, if I get a .site or .space domain extension, Am I doomed?

4) Would it be a good idea to get the initial readers and some initial profit with a 1 dollar domain and then transfer to a 10-20$ domain for further success?

Thanks

1) .com, .org, .net, .io etc are top level domains and .us, .uk etc are country level domains. That means if you want to give a service to specific country, you can go with country level domains (but I always suggest top level domains). Google give priority to service website for country specific domains, if you are running a blog, you can go with any domain.
2. No, SEO rates depends on the keyword competition not on Domain.
3. No, but if you can find a .com domain, go with it.
4. What if someone else will buy the domain which you are planning to buy in future?

I hope this helped.