Please Define the Following Key Terms

question 8

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-liberalism

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Definitions:

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

Hawk-Dove Game

A model in game theory illustrating the conflict between aggressive (hawk) and peaceful (dove) strategies.

Payoff

A payoff refers to the return or the outcome received from a particular investment or decision, often evaluated in terms of profit or loss.

Proportion

A mathematical relation between parts, quantities, or amounts that expresses how much one is relative to the other.