Econ 4010

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Author:
miserly5
ID:
121327
Filename:
Econ 4010
Updated:
2011-12-06 17:15:52
Tags:
econ 4010 kamerschen
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Description:
Vocabulary for the final
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  1. Adverse selection
    situation in which insurance companies find that a disproportionately large share of their costumers come from high-risk groups
  2. Alternative Cost
    the value of the product that particular resources could have produced had they been used in the best alternative way; also called opportunity cost.
  3. Asymmetric information
    The situation in which two or more actors in an economic relationship have different information about each other and/or about their economic circumstances
  4. Auction
    a market structure in which potential buyers make binding offers that indicate prices that they would be willing to pay for various items that have been put up for sale.

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