Examlex
Identify and state the historical significance of the following:
-Edith Wharton
Pareto Efficient
A situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off.
Initial Endowment
The initial allocation of resources, money, or goods that an individual, institution, or country possesses.
Pareto Optimal
An allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.
Utility Function
A mathematical representation used in economics to model the satisfaction or happiness a consumer derives from consuming goods and services.
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