Examlex
The rise of globalization and market capitalism around the world has contributed to the economic boom in the new economy, where natural resources are the key source of competitive advantage and value creation.
Efficient Outcome
In economics, a scenario where resources are allocated in a way that maximizes productivity and utility, leaving no room for improvement without making someone worse off.
Cheating
The act of being dishonest or unfair in order to gain an advantage, often violating rules or expectations.
Simultaneous-Move Game
A type of game in strategic game theory where all players make their decisions at the same time without knowledge of the other players' choices.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, leading to a situation where all players' choices are optimal given the choices of others.
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