Examlex
Amazon.com, a successful online retailer, manages an extensive database, which includes customers' names and their tastes in books and music. This information is used to determine which products are suggested to each customer. This is an example of how Amazon.com uses:
Edgeworth Box
A diagram used in microeconomics to show the efficient distribution of resources between two individuals or the allocation of two goods in an economy.
Pareto Optimal
In resource distribution, a framework where the betterment of one party directly causes a disadvantage to another party.
Initial Allocation
The initial distribution of resources, goods, or assets among various parties or agents in an economic model or real-world scenario.
Pareto Optimal Allocations
A situation where it is impossible to make any one individual better off without making at least one individual worse off, indicating an efficient allocation of resources.
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