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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.

Introduction

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.

Quiz PDF eBook: 
Timeshare 2
Download Timeshare 2 Quiz PDF eBook
30 Pages
2016
English US
Educational Materials



Sample Questions from the Timeshare 2 Quiz

Question: A prospective purchaser is the sole stockholder in a small plumbing company. He wants to purchase a timeshare and use it as an employee incentive. As the company will be paying part of the cost of the timeshare, he wants to own it in joint tenancy with his corporation. Is this permitted in NV ?

Choices:

No, corporations can only own real property as a tenant in severality

Yes anyone , included business entities can own a joint tenants.

No only married persons can be joint tenants

No, one has to be a human being in joint tenancy

Question: Upon receipt of a cancellation for a reservation to purchase , the developer shall return in full the total deposit , plus any interest earned within

Choices:

14 days

5 days

30 days

20 days

Question: The covenants, conditions, and restrictions are contained in the

Choices:

declaration

POS

permit

bylaws of the association

Question: To effect an exchange , an owner of a floating use period MUST first secure a specific week at the home resort through which of the following?

Choices:

the developer

the home resort

The real estate division

the exchange company

Question: An agent warrants

Choices:

that he is licensed

integrity in dealings

representation of the customer

authority to act on his clients behalf

Question: Normally , before the owner of a floating- week timeshare can request an exchange , the owner must first:

Choices:

Request that the exchange company locate a fixed -week resort

request that the exchange company locate a floating-week resort.

pay all maintenance fees f or the balance of the year

obtain reservation for a specified week at his home resort

Question: All prospective purchaser must receive all of the following EXCEPT

Choices:

the Public Offering Statement

authority to act on his clients behalf

representation of the customer

that he is licensed

Question: which of the statements is incorrect?

Choices:

A solicitation needs not disclose the purpose for the solicitation

Fictitious contest must be used to solicit consumers

a solicitation must disclose the approximate duration of the sales presentation

solicitation must not imply that they originated from public agency

Question: Douglas takes reservations to purchase timeshares using a preliminary permit. All of the following are TRUE EXCEPT:

Choices:

There must be a cancellation right at any time before the execution of the contract of sales with full refund of any deposit

Douglas must place any deposit in an escrow

Douglas must require that any earned interest on the deposit for the reservation be retained in the brokers trust account for a period of not less than 10 days

Douglas must guarantee the purchase price for a certain period of time even after the permit has been issued by the real estate division

Question: What must a developer whose property is affiliated with an exchange program disclose to all potential buyers?

Choices:

nothing, this is not the developer's responsability

the nature of the exchange program

the cost and terms

the satisfaction rate of the exchange program

Question: What timeshare interest is offered to a purchaser with the right to use in a timeshare project?

Choices:

tenancy in common

fee simple interest

membership in a club

tenancy in severalty

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