FIN 320F Exam 1 Study Guide with Complete and Verified Solutions
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Course
FIN 320F
Institution
FIN 320F
FIN 320F Exam 1 Study Guide with
Complete and Verified Solutions
Incentives - Answer️️ -Humans are evaluative: they evaluate potential courses of
action by considering the positive and negative consequences of their actions
Humans are Imperfectly Maximizing - Answer️️ -We play many diff...
Resources - Answer✔️✔️-Physical or intangible assets that can be used to accomplish a
goal. ___ are limited and decision makers are also constrained in their decision making
by the resources available
Resourcefulness - Answer✔️✔️-Despite their limits humans operate in creative ways to
expand their set of positive incentives and minimize the impact of negative incentives
Confirmation Bias - Answer✔️✔️-The tendency to process information by looking for, or
interpreting information that is consistent with one's existing beliefs
Economic activity - Answer✔️✔️-The production, distribution and consumption of
economic assets
Economic assets - Answer✔️✔️-Assets functioning as stores of value and over which
ownership rights are enforced by institutional units, individually or collectively, and from
which economic benefits may be derived by their owners by holding them, or using
them, over a period of time
Property rights - Answer✔️✔️-The right to control an asset. This control includes how the
property should be used, how the benefits from this use are distributed, and the ability
to dispose of the asset.
Efficiency - Answer✔️✔️-Getting the most output from scarce productive resources
Fairness - Answer✔️✔️-The concept that all humans have value and should be treated
equally and with respect. This implies a decent standard of living through the adequate
access to economic assets
Socialism - Answer✔️✔️-A governmental system with a collective or governmental control
of property rights.
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