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If a company buys a $700 machine on account, this transaction will affect the
Endowment
The total resources available to an individual or institution, including assets, capabilities, and financial means.
General Equilibrium Analysis
A method in economics that attempts to understand how supply and demand interact across multiple markets simultaneously, and how they reach a state of balance.
Feasible Allocation
In economics, it refers to the distribution of resources or goods in such a manner that it is possible given the available supply.
Second Welfare Theorem
An economic principle stating that under certain conditions, any efficient allocation of resources can be attained through a competitive equilibrium, assuming perfect markets and price flexibility.
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