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FALLACY OF COMPOSITION: The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses also works for the aggregate, or macroeconomy. The contrasting fallacy, which you might want to examine next, is the fallacy of division.

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INFORMATION SEARCH

The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for fairy dust that tastes like salt.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. "

-- Jack Welch, General Electric chief executive

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