“Asymmetric information” is a term that refers to a situation where one party in a transaction has more information than the other.
In some transactions, sellers can take advantage of buyers because there is asymmetric information, whereby the seller knows more about the item being sold than the buyer. The reverse may also be true.
Asymmetric information is seen as a desirable result of a healthy market economy in terms of skilled labor, where workers specialize in one occupation, become more productive and benefit workers in other occupations.
Automatic Stabilizers is a permanent government policy that automatically adjusts tax rates and transfers payments in a way that stabilizes income, consumption, and business spending over the business cycle.