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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 4 of 20

Topic: Time Periods <=PAGE BACK | PAGE NEXT=>

Production of goods and services takes time.Two time periods:
  • Long run A period in which all prices are flexible. Long run price flexibility means that all markets are in equilibrium.
  • Short run A period in which some prices are flexible and some are rigid. Short run price rigidity leads to disequilibrium in resource markets, even though product and financial markets are in equilibrium.
  • In the short run, disequilibrium in resource markets (especially labor) means that jobs remain unfilled or some workers are unemployed, even though we have equilibrium in the product markets, with satisfied buyers and sellers.

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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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