Vocabulary
What is Information-Based Discrimination?
When someone discriminates because they believe a specific person has poor skills.
What is an Incentive?
Anything that may persuade, motivate, or push a person to do a certain action.
What are the two types of discrimination commonly found in the business world?
Taste Based and Information Based Discrimination.
What is Information Asymmetry?
Situations where an expert uses their informational advantage about something they’re well accustomed with to make you feel stupid, rushed, cheap, or ignoble.
What is an Economic Incentive?
Anything that may persuade, motivate, or push a individual or company to make certain choices that will typically increase the money they gain.
How do real estate agents make homes more appealing?
They may use certain phrases such as "A Nice Neighborhood".
Common example of a Lemon.
A vehicle with manufacturing issues.
Common example of an Information Asymmetry.
A mechanic or technician.
How did the KKK lose their power?
The uprising of the internet or The work of John Brown and Stetson Kennedy.