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December 5, 2024 

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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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MRO: The abbrevation for maintenance, repair, and operations. A business classified product. These are products that are used to support the operations of a business, but are not generally included in product as a direct cost. Examples would be: lubricating oil, replacement belts for a fan motor, or shop towels.

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MRO, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 5, 2024].


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PRICE INDEX

A measure of the average of a group of prices calculated as a ratio to prices in a given time period (that is, a base year). A price index is primarily used to compare relative prices, or changes in the group prices over time. Such an index is a handy indicator of overall price trends. Two common price indexes that surface in the study of macroeconomics are the Consumer Price Index (CPI) and the GDP price deflator. Both are used to indicate the macroeconomy's average price level and to estimate the inflation rate. The Dow Jones Industrial Average (the Dow), Standard & Poor's 500, and the NASDAQ are well-known indexes of stock market prices.

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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for jovial bank tellers.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

-- Martin Luther King, Jr., clergyman

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