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Marginal Rate Of Substitution
The speed at which a consumer is able to forfeit a certain quantity of one product in favor of another product, whilst retaining an equivalent level of satisfaction.
Efficiency
Efficiency in an economic context refers to the optimal production and allocation of resources to maximize the satisfaction of needs and wants with minimal waste.
Edgeworth Box Diagram
A graphical representation used in economics to show various distributions of resources and to demonstrate the efficiency of markets.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs, assuming all resources are fully and efficiently utilized.
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