__________ Is a System Based on the Idea That All

question 76

Multiple Choice

__________ is a system based on the idea that all people have an equal chance of succeeding economically based on their hard work and skills.

• A) Democracy
• B) Meritocracy
• C) Credentialism
• D) Capitalized education

Understand the basic principles of consumer choice theory.

Apply the concept of budget constraints to personal finance decisions.

Analyze the impact of changes in prices and income on consumer equilibrium.

Calculate the effects of taxes and subsidies on consumer choices.

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Definitions:

Independence

The state or quality of being self-sufficient and not dependent on external support or control.

Stress Tolerance

The ability to cope with stress in a healthy way, allowing an individual to face challenging situations without losing efficacy.

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.

Risky Behaviors

Actions that involve potential exposure to harm or loss.