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Explain what may occur when a buyer and a seller have unequal amounts of limited information.Describe two different types of problems that may arise when asymmetric information exists.
Outsource
The practice of contracting work out to an external organization rather than performing it in-house.
Information
Data that has been processed in such a way that it can be used to inform decisions, strategies, and actions.
Supply Chain
A composite of enterprises, participants, procedures, information, and instruments implicated in the conveyance of a product or service from the vendor to the patron.
Lost Sales
Potential sales that cannot be realized due to stockouts, inadequate inventory, or other operational issues.
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