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Professor James was hoping to get a lot of work done on the train. Unfortunately, he was seated next to a bunch of rambunctious children. At first he found it difficult to concentrate, but gradually he was able to ignore the noise completely. In terms of learning terminology, what type of process has occurred?
Pareto Optimal
An 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.
Utility Function
A mathematical representation used in economics to model the satisfaction or happiness a consumer derives from consuming goods and services.
Edgeworth Box
A diagram used in microeconomics to show the distribution of resources and the optimality of trade-offs between two agents in an economy.
Pareto Efficient
A condition where resources are distributed in such a manner that improving the situation of one person necessitates the detriment of another.
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