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How did the self-strengthening policy change China's government?
Demand Equals Supply
An economic condition where the quantity demanded by consumers matches the quantity supplied by producers, leading to market equilibrium.
Numeraire
A standard unit of measurement in economics used to represent prices or values of other goods in terms of this unit.
Utility Function
A mathematical representation that attaches a level of utility (satisfaction) to each possible basket of goods, allowing the ranking of these baskets from least to most preferred.
Edgeworth Box
A diagram used in economics to show various distributions of resources and to analyze competitive equilibria between two agents with fixed resources.
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