Examlex
Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Occupational Safety and Health Administration, Environmental Protection Agency
Flow Measure
A quantitative assessment that represents movement of items over time, often used in economics to track variables like income.
Consumption
The consumption of products and services by individuals in a household.
Impossibility Theorem
A proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results.
Voting Paradox
A simple demonstration of how majority-rule voting can lead to seemingly contradictory and inconsistent results. A commonly cited illustration of the kind of inconsistency described in the impossibility theorem.
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