The economics of information

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academicians
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members of academy
resource
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a useful or valuable possession of something
slum dwelling
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very poor place to live
commodity
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a substance or product that can be traded, bought, or sold
datum
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single piece of information
hostility
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situation when someone is unfriendly
tariff
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list of charges either for services or on goods entering a country
monopolist
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company that have monopoly
neglect
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to not give enough attention to things that you are responsible for
perimissible
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allowed
aspect
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one part of a situation
viewpoint
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a place from where we can observe something
ascertain
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to discover something
varying frequency
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different frequencies
completely centralized market
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when the market is controlled by one authority
quote
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to repeat the words that someone else has said
canvass
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to try to get political support or votes
phenomenon
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something unusual that exists and can be seen
disperce
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to spread across or move away over a large area
uniquitous
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seeming to be everywhere
homogeneous goods
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goods that are similar to each other or are of the same type
deviation
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the action of doing something that is different from the usual
anthracite
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a very hard type of coal that burns slowly and produces a lot of heat with very little smoke and a small flame
price dispertion
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variation in prices across sellers of the same item, holding fixed the item's characteristics
homogeneity
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something that is consisting of parts that are similar to each other
metaphysical
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part of philosophy which is about understanding existence
fruitless
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unsuccessful or produces nothing of value
heterogeneity
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something that is consisting of parts that are different to each other
primitive
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something that is at very early stage of development
skewed
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not accurate or exact
reproducible goods
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goods that are able to be made again
rectangular
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shaped as a rectangle
algebraic simplicity
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the fact that algebra is easy to understand
yield
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to produce something positive
diminish
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to reduce the size or importance
distribution
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the process of giving things out to several people
apparent
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able to be understood
approximate
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when something is close to particular number but not quite
quantity
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the amount of something
reduction in price
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decrease in price
expenditure
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the total amount of money that a government or person spends
defer
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to delay something
Proportional
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when two things change at the same rate so that the relationship between them does not change
Marginal return
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is the rate of return for a marginal increase in investment
optimum
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the best
engage
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to interest someone in something and keep them involved
unique
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special in some way
empirical
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based on what is experienced or seen rather than on theory
fraction
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a small part of something
hundredfold
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a hundred times as big or as much
prohibition
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not allowing something
levy
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an amount of money(tax) that you have to pay to a government
circulation
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the process in which something is passed from one person to another
alternative
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plan that you can use if the first plan is a failure
implicitly
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in a way that is suggested but not communicated directly
divisible
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that can be divided
higgling
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discrimination
inquire
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to ask for information
demand curve
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is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time
uniform
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the same
reciprocal
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behave in the same way or agree to help each other
returns to scale
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describe what happens to long run returns as the scale of production increases, when all input levels including physical capital usage are variable
consistent
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always behaving in the same way(positive)
inconsistent
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not always behaving in the same way(not positive)
determinant
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something that controls or affects what happens in a particular situation
unambitious
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expressed in a way that makes it completely clear
repetitive
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doing the same thing several times
correlation
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a connection between two or more facts
initial
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of or at the beginning
undertake
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to begin doing something difficult
handful
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a small number of things
patronage
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the power of a person to give someone an position
goodwill
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part of a company's value that includes things that cannot be directly measured
variance
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the fact that two or more things are different
wholly
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completely
fraction
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the result from dividing thing by another
sheer
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used to show how important a quality is
vanish
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disapear
ceteris paribus
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if everything else remains the same; other things being equal
pooling
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the act of combining two things
in perpetuity
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forever
remunerate
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to pay someone for work or services
interest rate
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is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed
obsolete
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not in use any more
supply
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to provide something that is wanted or needed
demand
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to need something
dimention
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a measurement of something in a particular direction
broker
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a person who buys and sells foreign money
seldom
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almost never
binomial
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an expression that has two terms that are not the same
summarize
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to express the most important facts
indicate
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to show the point
incentive
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something that encourages a person to do something
latter
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near the end
exaggerated
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seeming to be more important
comprehensible
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able to be understood
assimilation
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the process of becoming a part of something
elaborate
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containing a lot of careful detail or many detailed parts
shoddy
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badly and carelessly made
magniture
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the large size or importance of something
studiously
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in a way that is very careful and intentional
economise
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to try to save money by reducing the amount that you are spending

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