The Study of the Causes and Consequences of Sociality Is

question 39

Multiple Choice

The study of the causes and consequences of sociality is called social:

• A)influence.
• B)psychology.
• C)cognition.
• D)behaviour.

Compare different financial scenarios to make informed financial decisions.

Calculate the future value of savings plans with varying interest rates and compounding periods.

Understand the implications of compound interest on savings and loans.

Calculate the future value of ordinary general annuities.

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Definitions:

Satisficing

A decision-making strategy that involves searching for and choosing an acceptable or satisfactory response to a problem or scenario, rather than an optimal solution.

Anchoring and Adjustment Heuristic

A cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions.

Representativeness Heuristic

A mental shortcut people use where the likelihood of an object belonging to a particular category is assessed based on how typical that object is thought to be of the category.

Availability Heuristic

A cognitive bias that causes people to overestimate the likelihood of events based on their ability to recall similar instances.