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The old cliché "Service with a smile" recognizes the fact that
Equilibrium
A state in an economic model where demand equals supply, meaning there is no incentive for change in the market situation.
Marginal Rates Of Transformation
The rate at which one good has to be sacrificed to produce an additional unit of another good, holding technology constant.
Marginal Rate Of Technical Substitution
The rate at which one input can be reduced for an additional unit of another input, while keeping the level of output constant.
Marginal Rate Of Substitution
The rate at which a consumer is willing to substitute one good for another, keeping utility constant, reflecting the trade-offs between goods.
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