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Econ Final!! > 5 > Flashcards

Flashcards in 5 Deck (12)
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1
Q

Wrongful or criminal deception intended to result in financial or personal gain

A

Fraud

2
Q

Allows others into your financial accounts

A

Electronic Access

3
Q

Buyer alone is responsible for checking the quality of goods before a puchase is made

A

Caveat Emptor

4
Q

Taking control over your impulse buying through various tactics

A

Power over purchase

5
Q

Research best quality at best price before a large purchase

A

Due Diligence

6
Q

Loss of potential gain from other alternatives when one alternative is chosen

A

Opportunity Cost

7
Q

Over $1,000, house, car, vacation, reception, furniture

A

Major Purchase

8
Q

Arrangement by which a company guarantees compensation for specified loss in return for payment

A

Insurance

9
Q

Being responsible by law

A

Liability

10
Q

The cost of insurance

A

Premium

11
Q

Specific amount of money that the insured must pay before an insurance company will pay on their claims

A

Deductible

12
Q

Minimum auto insurance coverage required by law

A

PLPD