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December 16, 2018 

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UNEMPLOYMENT, PRODUCTION POSSIBILITIES: Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve.

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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

     See also | business | firm | company | enterprise | legal business organizations | ownership liability | business objectives | profit maximization | natural selection | plant | factory | market | market demand | market supply | competition | production | production cost | supply | entrepreneurship | microeconomics | private sector | business sector | substitute-in-consumption | cross elasticity of demand | second estate |


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INDUSTRY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 16, 2018].


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ADVERSE SELECTION

An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for mail order catalogs with hidden messages.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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