Examlex
Mediation and conflict resolution combine the five stages of the interview and empathic confrontation. Imagine you are working with a couple arguing over child custody. How could you use the mediation model to assist in this process?
Gains From Trade
Gains from trade are the benefits that parties obtain from engaging in voluntary exchange, including increased efficiency and access to a greater variety of goods and services.
Economic Models
Simplified representations of complex economic processes, designed to help understand how the economy functions and predict future economic behavior.
Resource Allocation
The process of distributing available resources among various competing needs or uses in order to achieve a desired outcome or optimize efficiency.
Comparative Advantage
An economic theory stating that a country should specialise in producing and exporting goods in which it has a lower opportunity cost than other countries.
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