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DISTRIBUTION STANDARDS: Three alternative criteria for distributing income to members of society--contributive standard, equality standard, needs standard. A basic notion in economics is that income is generated through production (circular flow). The amount of income generated each year depends on the value of goods and services produced with the economy's limited resources. But once this income is generated it must be distributed to members of society. The contributive, equality, and needs standards are the three primary criteria for distributing income.
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SCREENING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Screening occurs when those with limited information try to identify indicators suggesting more complete information. It is used in markets with adverse selection and moral hazard, especially in labor markets and in the provision of insurance. Common methods of screening include aptitude tests, affiliations, past behavior, and personal characteristics. A related method is signalling.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Seek always to do some good, somewhere. Every man has to seek in his own way to realize his true worth. You must give some time to your fellow man. For remember, you donžt live in a world all your own. Your brothers are here too. " -- Albert Schweitzer, humanitarian
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AFBD
Association of Futures Brokers and Dealers (UK)
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