You Have Been Accepted into the College of Your Choice

question 17

Essay

You have been accepted into the college of your choice and now you need to find the money to pay for your education.
a. What sources of information could you use to research the financial aid available?
b. Briefly describe the types of financing that should be available.
a. What sources of information could you use to research the financial aid available?
a. Your college's financial aid office, the library, the World Wide Web, and the Federal Student Aid Information Center.
b. Briefly describe the types of financing that should be available.
b. Loans, grants, and scholarships are the different types of financing available. Loans must be repaid after a specified period of time; grants and scholarships do not have to be repaid and are typically harder to get than loans, but not impossible.

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Definitions:

Efficiency Wages

Wages set above the equilibrium level by employers to increase worker productivity, discourage turnover, and reduce shirking.

Efficiency-Wage Theory

A theory suggesting employers pay above the market equilibrium wage to increase worker productivity.

Economic Theory

The study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

Natural Rate

Refers to the level of unemployment when the labor market is in equilibrium, accounting for frictional and structural unemployment but not cyclical unemployment.