Examlex
Discuss the demographic, social, economic, and psychological consequences of the Black Death.
Pareto Optimal
A situation in which it is impossible to make any individual better off without making at least one individual worse off.
Pure Exchange Economy
An economic model where households or individuals purely exchange goods and services without any production.
Competitive Equilibrium
A state in a market-based economy where supply exactly matches demand, and market prices stabilize.
Fair
Pertaining to actions, policies, or procedures that are just, equitable, and impartial.
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