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POLITICAL FORCES: Forces in the marketing environment that are shaped by elected (and sometimes appointed) officials that impact the decisions made by a business organization. Government officials can enact laws that could cause serious harm to specific business sectors. For example, a state that passes laws prohibiting off-shore drilling would dramatically affect an oil drilling company's business outlook. Through environmental scanning a business looks at these political forces that might affect them in the short and long term.
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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot. See also | information | opportunity cost | principal-agent problem | rational ignorance | public choice |
Recommended Citation:RATIONAL IGNORANCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 23, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: rational ignorance
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FEDERAL DEPOSIT INSURANCE CORPORATION An independent agency of the federal government that insures deposits in banks and other depository institutions which is intended to preserve and promote public confidence in the U.S. financial system. The Federal Deposit Insurance Corporation (FDIC) was created in 1933 in response to the thousands of bank failures that occurred during the Great Depression. It is one of the key agencies, along with the Federal Reserve System and Comptroller of the Currency, responsible regulating the U.S. banking industry.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for telephone calls from former employers.
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The average length of a "business lunch" is about 36 minutes.
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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ECU
European Currency Unit
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