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VALUE IN EXCHANGE: The ability to trade an item, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value, that is satisfaction, is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for slightly overweight pizza delivery guys.
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The average bank teller loses about $250 every year.
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"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
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IMF
International Monetary Found
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