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GOLDSMITH BANKING: An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.
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MARKET FOR LEMONS A market adversely selects only lower quality products for exchange. The market for lemons is an illustration of adverse selection that results from asymmetric information. In this market, because buyers have limited information they offer an average price based on the average quality of the goods. Sellers, however, with better information select to sell lower quality products but not higher quality ones. Two methods of address this problem are signalling and screening. Two related information problems are moral hazard and the principal-agent problem.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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FTC
Federal Trade Commission
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