Welfare economics/Related Articles: Difference between revisions
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==Definitions== | ==Definitions== | ||
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Revision as of 03:39, 13 April 2008
- See also changes related to Welfare economics, or pages that link to Welfare economics or to this page or whose text contains "Welfare economics".
Definitions
- Externality [r]: A cost of production that is not borne by the producer, or a benefit that the producer does not receive. [e]
- General equilibrium [r]: A hypothetical state of a set of inter-related markets such that there is no excess supply nor excess demand in any market (see Equilibrium and disequilibrium). [e]
- Marginal cost [r]: The cost of producing one additional unit of a product. [e]
- Marginal product [r]: The additional output of a product produced by the application of one additional unit of input. [e]
- Pareto-efficient [r]: An optimum situation in which it would be impossible to make anybody feel better-off without making somebody feel worse-off (see economic efficiency). [e]