Examlex
Which kind of robotic space mission enables us to take a quick look at a planet?
Pure Exchange Economy
An economic model where there is no production, and agents trade endowments of goods that they own initially.
Utility Function
A mathematical representation of how consumers rank different bundles of goods according to the levels of satisfaction those goods provide.
Numeraire
A standard unit of account in economics used to compare the value of goods and services.
Perfect Substitutes
Goods that a consumer is completely indifferent between, meaning they will substitute one for another at a constant rate regardless of any change in price or utility.
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