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INTERCEPT, AGGREGATE EXPENDITURES LINE: The intercept of the aggregate expenditures line indicates autonomous expenditures, aggregate expenditures that do not depend on the level of income or production. This can be thought of as aggregate expenditures that the four macroeconomic sectors (household, business, government, and foreign) undertake regardless of the state of the economy. Autonomous expenditures are affected by the aggregate expenditures determinants, which cause a change in the intercept and a shift of the aggregate expenditures line.
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MARKET FOR LEMONS A market adversely selects only lower quality products for exchange. The market for lemons is an illustration of adverse selection that results from asymmetric information. In this market, because buyers have limited information they offer an average price based on the average quality of the goods. Sellers, however, with better information select to sell lower quality products but not higher quality ones. Two methods of address this problem are signalling and screening. Two related information problems are moral hazard and the principal-agent problem.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Motivation is everything. You can do the work of two people, but you can't be two people. Instead, you have to inspire the next guy down the line and get him to inspire his people." -- Lee Iacocca, Chrysler chairman
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OMO
Open Market Operations
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