Examlex
Explicit knowledge deals with:
Utility Function
A mathematical tool used in economics to represent a consumer's preference ranking of different bundles of goods.
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.
Competitive Equilibrium
A state in markets where supply equals demand, and no participant has an incentive to change their behavior.
Strawberries
A sweet, red, heart-shaped fruit that is widely appreciated for its characteristic aroma, bright red color, juicy texture, and sweetness.
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