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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.

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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."

     See also | information | asymmetric information | signalling | moral hazard | auctions | risk | price | demand price | supply price |


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ADVERSE SELECTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 14, 2025].


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MARGINAL FACTOR COST

The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus."

-- Alexander Graham Bell, inventor

NBER
National Bureau of Economic Research
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