Examlex
Match the primitive reproductive tissues, labelled a. through e., with the structures that they differentiate into. (Options may be used more than once or not at all.)
-glans penis
Allocative Efficiency
A state of the economy where resources are allocated in a way that maximizes the utility or satisfaction of consumers.
Consumer Surplus
The discrepancy between the aggregate sum consumers are prepared and can afford to spend on a product or service and the actual total amount they end up paying.
Coase Theorem
A principle that if property rights are clearly defined and transaction costs are low, private bargains will ensure that the market always reaches an efficient outcome regardless of who holds the initial property rights.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.
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