Examlex
Carol understands that "dogs" can also belong to the category called "animals." What is Carol's understanding an example of?
Platitudes
Statements that are used often and over time have become trite, commonplace, or clichéd.
Pareto Efficient Allocation
An allocation of resources that cannot be modified to make anyone better off without making someone else worse off.
Utility Function
An economic model that represents a consumer's preference ranking for various bundles of goods by assigning a utility value to each bundle.
Pareto Optimal Allocation
A distribution of resources in an economy where improving the situation of one person necessitates detriment to another.
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