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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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Lesson 15: Aggregate Market | Unit 2: Equilibrium
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Page: 9 of 22
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The dynamic nature of the aggregate market makes the long-run equilibrium a moving target.- The difference between long-run and short-run equilibria is critical to the study of the macroeconomy.
- Aggregate demand, especially investment, is volatile.
- Aggregate supply, although somewhat predictable, involves continuous adjustments.
- Long-run equilibrium is a perpetually pursued goal, but seldom actually reached.
As we approach the long-run equilibrium target, it has likely changed due to different economic conditions, due to changes in aggregate demand, aggregate supply, or more than likely, both.
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REGRESSIVE TAX A tax in which the proportion of income paid in taxes is smaller for higher income levels. A regressive income tax exists if taxpayers with more income pay a lower tax rate relative to income as income increases. A regressive tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and proportional tax, in which the proportion of income paid in taxes is the same for all income levels.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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DVP
Discounted Present Value
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