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INCOME CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.
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ADVERSE SELECTION An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for small children selling products door-to-door.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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E
Employment
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