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ACTIVIST POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of activist policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Activist policies are also term discretionary policies because they involve discretionary decisions by government. A contrast to activist policy is automatic stabilizers that help stabilize business cycles without explicit government actions.

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BUSINESS: A profit-motivated organization that combines resources for the production and supply of goods and services. The term business is often used synonymously with the term firm. If there is any difference, and a subtle difference at that, the term business usually refers to a productive organization that is privately owned and motivated by the pursuit of profit. A firm, in contrast, could also refer to nonprofit and/or publicly controlled productive organizations. But this distinction is quite subtle and for most economic analyses the terms firm and business are used interchangeably. Profit-motivated businesses are organized as either a proprietorship (1 owner) with unlimited liability, a partnership (2 or more equal owners) with unlimited liability, or a corporation that issues limited liability stock ownership shares.

     See also | resources | production | supply | goods | services | firm | profit | economic analysis | proprietorship | unlimited liability | partnership | corporation | limited liability | corporate stock |


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BUSINESS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 21, 2025].


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ADVERSE SELECTION

An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for celebrities who speak directly to you through your television.
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