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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.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 20 of 20

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  • The important role of ceteris paribus in the study of the market, which allows us to isolate particular changes in the demand and supply determinants.
  • The six steps for market adjustment and why the sequence of the cause and effect links is an essential element in economic analysis.


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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