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EFFICIENT SEARCH, DETERMINANTS: Two factors that affect information search are (1) the amount of purchase and (2) frequency of purchase. Goods that are relatively expensive increase the potential benefit of search. For example, saving 10 percent on the purchase price of a house is significantly more than saving 10 percent on the price of bar of soap. Buyers are thus likely to undertake extensive search when buying a house, but not for soap. Goods that are purchased more frequently also don't require extensive search activities. Since buyers already know the "best places" to buy the "highest quality" products at the "lowest prices" for frequently purchased goods, little can be gained from search.
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FULL-RESERVE BANKING A (hypothetical) method of banking in which banks keep 100 percent of their deposits in the form of bank reserves, meaning there are no deposits available for interest-paying loans. Full-reserve banking is one of two theoretical alternatives designed to help illustrate a contrast to the fractional-reserve banking actually practiced by modern banks. The other alternative is no-reserve banking. With full-reserve a bank essentially operates as a storage business, merely storing customer deposits until they are withdrawn.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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