Briefly Describe the Major Developmental Processes That Occur During the Three

question 219

Essay

Briefly describe the major developmental processes that occur during the three periods of prenatal development.

---

Definitions:

Equilibrium Output

The level of output at which the quantity supplied equals the quantity demanded, leading to a stable market condition without surplus or shortage.

Purely Competitive Market

A theoretical market structure characterized by an infinate number of buyers and sellers, homogeneous products, and no barriers to entry or exit.

Consumer Surplus

The distinction between what consumers are willing and able to allocate financially for a good or service, and what they actually allocate.

Purely Competitive Market

A purely competitive market is characterized by many buyers and sellers, homogenous products, and no barriers to entry or exit, leading to price taking behavior by individuals.