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INDUCED CHANGE: A change in aggregate expenditures, especially consumption expenditures, that is "induced" or triggered by a change in national income or gross domestic product. Induced changes form the foundation for the multiplier effect, which is set in motion by autonomous changes in aggregate expenditures. In terms of Keynesian economics and the Keynesian cross diagram, induced changes are seen as a movement along in the aggregate expenditures line. This two step process, autonomous changes causing induced changes, is key to explaining business cycle fluctuations.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for telephone calls from long-lost relatives.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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JHR
Journal of Human Resources
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