Examlex
Once an individual's IQ score has been established,it will remain constant throughout his or her lifetime.
First Theorem of Welfare Economics
A principle stating that, under perfect competition and with no externalities, the allocation of resources where supply equals demand leads to a Pareto efficient outcome.
Competitive Equilibrium
A state in a market where supply equals demand, with price acting as the balancing factor, and all economic agents are optimizing their outcomes.
Pareto Optimum
An economic state where resources are allocated in a manner that precludes the possibility of bettering one's situation without causing harm to another.
Desert Island
An uninhabited or deserted island, often depicted in literature and movies as a remote, isolated place.
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