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Pareto Optimal
An arrangement of resource distribution that prevents the improvement of one individual's condition without adversely affecting another individual.
Utility Function
A utility function is an economic concept that models an individual's preference ordering over a set of goods or outcomes, representing satisfaction or happiness.
Edgeworth Box
A diagram used in microeconomics to show the distribution of resources or outcomes in a two-person (or two-good) economy, illustrating potential areas of mutual benefit through trade.
Pareto Optimal
A situation in the allocation of resources where it's not feasible to benefit one person without harming another.
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