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April 26, 2018 

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INDUCED INVESTMENT: Business investment expenditures that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced investment expenditures. Induced investment is graphically depicted as the slope of the investment line and is measured by the marginal propensity to invest. The induced relation between income and investment, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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ASYMMETRIC INFORMATION: The economics of information search tells us that everyone falls short of having perfect information. It suggests that everyone will have different information about different things. For example, if you aren't a plumber (nor have any desire to become one), then you aren't likely to seek information about the wages paid plumbers in Boise, Idaho. In contrast, this information could be quite beneficial to plumbers in Pocatello, Idaho.

     See also | information | adverse selection | signalling | moral hazard | advertising | market | opportunity cost | labor market |


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ASYMMETRIC INFORMATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 26, 2018].


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INCOME RECEIVED BUT NOT EARNED

The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

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