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A couple is deciding whether or not to try and conceive a child. They meet with a health professional who asks them questions regarding their genetic heritage in order to explore whether their child might develop genetic abnormalities. This process is called
Initial Endowment
The initial quantity of goods, services, or resources that an individual or entity possesses before entering into any exchange or economic activity.
Units of Quiche
A measure of output in the production of quiches, indicating the quantity produced or consumed.
Pareto Optimal Allocation
An allocation of resources from which it is impossible to reallocate so as to make any one individual better off without making at least one individual worse off.
Utility Function
A mathematical model in economics that represents an individual's preference system, used to rank choices in order of preference.
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