Examlex
Contrast teleological and deontological ethics. What are their key guiding principles? What are some examples of systems of ethics associated with each?
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced, and all inputs and outputs in the economy are fully adjusted to these conditions over a long period.
Pure Competition
A theoretical market structure with a large number of sellers and buyers, identical products, and no barriers to market entry or exit, promoting efficient pricing.
Minimum
The lowest allowable or possible amount, level, or number in a given set of circumstances.
Allocative Efficiency
Refers to a state in which resources are distributed in a way that maximizes the net benefit to society, ensuring that goods and services are produced at the right quantities to meet consumer preferences.
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