Economics -Chapter 14 Terms
Transaction Costs, Asymmetric Information, and Behavioral Economics
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- This type of Integration expands the firm into earlier or later stages of production. Like a steel maker owning the Iron mine.
- A firm buys inputs from outside suppliers.
- Economic study that borrows insights from psychology to help explain choices.
- Using a proxy measure to communicate information about unobservable characteristics.
- The process used by employers to select the most qualified workers based on observable characteristics, such as a job applicant’s level of education.
- Information that one side of the market has over the other side.
- Economies of ____: when average costs decline as the firm makes a range of products rather than specializing in one.
- Person or firm who hires an agent to act on their behalf.
- A person or firm who acts on behalf of the principal.
- 2 word:Situation resulting from a contract where one party has incentive to shirk responsibilities in a way that harms the other party of the contract
- 2 words: One side of the market knows more than the other about product characteristics that are important.
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