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April 5, 2026 

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REAL PURCHASING POWER: The ability to acquire wants-and-needs satisfying goods and services with income or money. The real purchasing power of income or money depends on the prices of the goods and services. If the price level, for example, doubles, then a given amount of money can purchase half as many goods and services.

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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for cardboard boxes.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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