March 23, 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 3: Scarcity | Unit 4: College Cost Page: 14 of 17

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  • The opportunity cost of a college education.
  • Why explicit, out-of-pocket payments are only part of the opportunity cost of an education.
  • The importance of implicit opportunity costs, such as foregone earnings or foregone satisfaction, to the total cost of an education.
  • Why some college costs, such as room and board, are not opportunity costs or an education.

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A graphical depiction of the relation between exports sold to the foreign sector and the economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An exports line is horizontal which indicates that exports are totally autonomous, with no induced component. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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In the early 1900s around 300 automobile companies operated in the United States.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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