Examlex
The halo effect occurs when one characteristic of a person shapes our general impression of that person which, in turn, biases our perceptions about the other characteristics of that person.
Production Possibilities
The different quantities of various goods and services that an economy can produce with given resources and technology.
Equilibrium
A state in which market supply and demand balance each other, and as a result, prices become stable.
Comparative Advantage
The ability of a country, individual, or firm to produce a particular good or service at a lower opportunity cost than others.
Marginal Cost
The cost incurred by producing one additional unit of a product or service.
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