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SIGNALLING: The use of low-cost, easy to obtain information about a product or commodity to indicate the quality of a product. Signalling occurs when buyers use features of a commodity or actions by the seller to indicate overall product quality. These signals can be either intended or unintended.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for defective microphones.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"After climbing a great hill, one finds many more hills to climb. " -- Nelson Mandela, president of South Africa
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NTB
Non-Tariff Barrier
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