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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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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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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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KSE
Korea Stock Exchange
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