Examlex
The is a set of ethical guidelines established after WWII to prevent human rights abuse in biomedical research.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in other words, when capital goods are distributed in the most beneficial manner among the population.
Production Possibilities Curve
A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.
Competitive Markets
Markets where numerous producers and consumers interact, leading to efficient distribution of goods and services and price determination through supply and demand.
Supply and Demand
A fundamental economic model that describes how prices and quantity of goods and services are determined in a market.
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