When Some People Are Better Informed Than Others and the Imbalance

question 168

Short Answer

When some people are better informed than others and the imbalance affects the choices they make, economists say there is

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Definitions:

Pay Adjustments

Changes made to an employee's salary to reflect changes in job performance, market rates, or cost of living.

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Competency-Based Pay

A compensation approach that ties an employee's pay to their level of competency or skills, rather than their job title or position.

Advantages and Disadvantages

The beneficial and unfavorable aspects or outcomes of a decision, action, or situation.