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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means 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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INFORMATION SEARCH The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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OAPEC
Organization of Arab Petroleum Exporting Countries
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