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December 14, 2018 

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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 15: Aggregate Market | Unit 4: Self Correction Page: 16 of 22

Topic: Short Run <=PAGE BACK | PAGE NEXT=>

The aggregate market, which is typically at or near short-run equilibrium, is persistently motivated to seek out the long-run equilibrium.
  • This motivation comes from an imbalance in the labor market created by rigid wages, temporarily tapping into frictional and structural unemployment, and misperceptions about the real wage.
  • The imbalance is temporary. The macroeconomy will automatically move toward long-run equilibrium and full employment.
  • Wages are flexible in the long run, but rigid in the short run. This is the key to the self-correction mechanism of the aggregate market.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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