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What major shift in emphasis has taken place in developmental psychology across the last 20 years?
Contract Curve
In an Edgeworth Box diagram, the locus of points representing the set of mutually beneficial allocations between two parties.
Edgeworth Box
A diagram used in microeconomics to show the distribution of resources between two consumers on a two-good world, demonstrating how trade can lead to Pareto improvements.
Utility Function
A mathematical representation that ranks individuals' preferences for bundles of goods or services, indicating levels of satisfaction.
Competitive Equilibrium
A situation in a market where the demand for goods equals the supply of goods, resulting in an equilibrium price and quantity that clears the market.
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