_____ Means the Process People Use to Make Sense Out

question 52

Short Answer

_____ means the process people use to make sense out of their surroundings by selecting, organizing, and interpreting information.

Know the necessary information and procedures involved in filing for Chapter 7 bankruptcy.

Identify national non-profit organizations that assist with debt problems.

Recognize the need for formal agreements in loans to or from family members and the importance of detailed terms.

Understand the basic concepts of credit and its role in personal finance.

---

Definitions:

Producer Surplus

The difference between what producers are willing and able to sell a product for and the actual price they receive, indicating the benefit to producers.

Welfare Loss

A decrease in economic efficiency that occurs when there is an optimal allocation of resources that is not achieved due to various reasons such as externalities or market failure.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-level model, ranging from basic physiological needs to self-actualization.

ERG Theory

A motivational theory developed by Clayton Alderfer that categorizes human needs into three groups: Existence, Relatedness, and Growth.