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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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ELASTICITY ALTERNATIVES: Five categories of elasticity that form a continuum indicating the relatively responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually demand price or supply price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often are used to categorize the price elasticity of demand and the price elasticity of supply. See also | elasticity | elastic | inelastic | relatively inelastic | perfectly inelastic | relatively elastic | unit elastic | perfectly elastic | elasticity alternatives, demand | elasticity alternatives, supply | coefficient of elasticity | elasticity determinants |
Recommended Citation:ELASTICITY ALTERNATIVES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 28, 2022].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: elasticity alternatives
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TAX EQUITY The notion that taxes are imposed on society in a fair and equitable way. The two standards of fairness and equity used to evaluate taxes are the benefit principle -- those who benefit from government pay the taxes, and the ability-to-pay principle -- those with the most income pay the taxes. The ability-to-pay principle gives rise to two additional notions of fairness -- horizontal equity (those with equal incomes pay equal taxes) and vertical equity (those with different incomes pay different taxes).
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for attractive cable television service repair people.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. " -- Ronald Reagan, 40th US president
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PO
Pareto Optimal
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