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FOREIGN EXCHANGE: Any financial instrument that gives one country a claim on the currency of another country and which is used to make payments between countries. The most important type of foreign exchange is currency itself, that is, the currency of other countries. However foreign exchange also includes things like bank checks and "bills of exchange" (a sort of contract that's paid for with the currency of one nation that can be then traded for the currency of another country).
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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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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for mail order catalogs with hidden messages.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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ITO
International Trade Organization
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