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RATIONAL BEHAVIOR: The notion that people make decisions based on the desire to obtain the greatest amount of satisfaction. Rational behavior essential means that people prefer more to less. The presumption of rational behavior underlies most economic analyses, especially those applied to consumer demand theory.
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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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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for vindictive digital clocks with revenge on their minds.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The first responsibility of a leader is to define reality. " -- Max DePree, executive
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AMW
Average Monthly Wage
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