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Do you use facebook?

Photo of a smartphone with the Facebook application open
Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)

Decisions ... decisions in the social media age

To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.

And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?

As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.

This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.


In this chapter, you will learn about:

  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.

Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

Test PDF eBook: 
Las Vegas Timeshare
Download Las Test PDF eBook
141 Pages
English US
Educational Materials

Sample Questions from the Las Vegas Timeshare Test

Question: According to the Nevada law, a time share is:


A vacation home.

The right to use an and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is an additional charge to the owner for occupying the unit.

A vacation condominium.

A security or investment contract.

A vacation or investment contract.

Question: An exchange program:


Is created to enable a Time Sjhare owner to exchange their occupancy rights with another Time Share owner.

Enable a Time Share owner the ability to recoup some of their annual expenses and or use someone else's Time Share at the same facility.

Must provide the purchaser of a time share with certain statements.

All answers are correct.

Question: An exchange program enables:


Owners of time shares the ability to exchange or swap privileges for a fee.

Project Brokers to be able to change offices.

Managers of the Homeowner's Association to elect officers.

Owners of the time share the ability to exchange or swap privileges without a fee.

Question: To make sure that any purchaser knows the criteria for arranging, receiving an deposition time share rights, the developer's disclosure must:


Also provide the purchaser with a statement indicating whether exchanges are arranged on the basis of available space.

Guarantee specific request for exchanges.

Verify that the purchaser will never lose the right to use an occupy a unit in a properly applied exchange.

Always offer compensation of substitute accommodations are needed.

Question: If a time share owner wants to change a floating week of his/her time share week to another resort for a fixed week, do you:


Enroll first in your home resort and then into the exchange program.

Go directly into the exchange program.

Contact the Unit-Owners Association.

Question: A floating week interval owner:


Owns a specific number of weeks each year.

Owns the same unit for the same, specific week each year.

owns points that can be unused towards days at a resort, rental car or cruise.

Has the right to use the club and all of its amenities.

Question: Time Share types often include:


Deed ownership.

Lease rights.

Membership in a club.

All are correct.

Question: A developer has a four-plex that he has turned into Time Shares. Does he need to register with the Division?


No, because it is in a separtate building.

Yes, all Time Shares must be registered.

No, because it is fewer that 12 in a project.

Yes, because they will create a homeowners association.

Question: Nevada law requires a developer who operates an exchange program to provide the purchaser with the:


Names of the officers, directors and shareholders owning at least 5% of the outstanding stock of the company.

A statement indicating whether the purchaser's participation in the program is dependent upon the continued inclusion of the time share plan in the program.

A statement indicating whether the purchaser's membership or participation in the program is voluntary or mandatory.

All answers are correct.

Question: Developer Flinn has built a time share development in Park City, UT. Flinn will be including the marketing of this development with his Nevada development , a sales offering in Carson City, NV. Does Flinn need to hire a Project Broker and register with the Nevada Real Estate Division?


No, because the development is in Uath.

Yes, because it is being advertised/marketed in Nevada.

Question: Participants in an exchange programs:


Cannot exchange or swap privileges with other Time Share owners.

Are always free to establish a relationship with an exchange company of their choosing.

may be required to use the program included withe the purchase of their Time Share.

Are never charged an additional fee.

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