An Insurance Program

question 52

Multiple Choice

An insurance program

• A) Should be constant through one's life.
• B) Should change along with needs and goals.
• C) Should minimize personal property and liability risks.
• D) Should be constant through one's life, and should minimize personal property and liability risks.
• E) Should minimize personal property and liability risks, and change along with one's needs and goals.

Understand the concept of cross-price elasticity of demand.

Learn how the price elasticity of demand varies with the type and characteristics of goods.

Know the difference in price elasticity between substitutes and complementary goods.

Learn the impact of price changes on the demand for related goods (complements and substitutes).

---

Definitions:

Ethical Failure

Situations where individuals or organizations fail to act in a morally right or legally prescribed manner, leading to harm or corruption.

Business Incubators

Organizations designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services.

Business Accelerators

Organizations or programs that offer support services and funding opportunities to startups or early-stage businesses to spur their growth.

Family Business

A commercial organization owned and managed by members of the same family.