Examlex
In terms of the circular flow diagram businesses obtain revenue through the _____ market and make expenditures in the _____ market.
Initial Endowment
The set of resources or assets that agents possess at the start of an economic analysis or experiment.
Pareto Optimal
A scenario in resource distribution where enhancing the welfare of a single person would lead to a detriment to another person.
Utility Function
A mathematical representation that ranks an individual's preferences for various outcomes, reflecting the level of satisfaction or happiness that different bundles of goods and services provide to the individual.
Edgeworth Box
A diagram used in economics to show the distribution of resources and the potential for Pareto improvements within an exchange economy.
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