Examlex
Explain with an example the circumstances under which a seller is in breach of a sales contract.
Numeraire Good
A benchmark or standard commodity against which the relative price of all other goods and services is measured in an economy.
Initial Endowment
The initial set of assets, goods, or resources that individuals or entities possess before entering into any economic transactions or exchanges.
Pareto Optimal Allocation
An economic state where resources are allocated in such a way that it is impossible to make any individual better off without making at least one individual worse off.
Utility Function
A mathematical representation of how a series of choices align with an individual's preferences, used in economics to model satisfaction or happiness.
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