Examlex
Discuss the four components of an external environmental analysis.
Pareto Optimal
A state of allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.
General Equilibrium
General equilibrium refers to a condition in an economy where supply and demand are in balance across all markets, taking into account the interrelations between these markets.
Inefficient
Refers to a situation where resources are not used in the most effective way, leading to wasted potential or output.
Edgeworth Box
Diagram showing all possible allocations of either two goods between two people or of two inputs between two production processes.
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