Welfare economics/Related Articles
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- 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
- External economy [r]: A benefit that is due to the activities of others. [e]
- Externality [r]: A cost of production that is not borne by the producer, or a benefit that the producer does not receive. [e]
- Flexible prices [r]: The property of a market in which prices act rapidly to bring supply into equality with demand (see supply and demand). [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]
- Perfect competition [r]: The property of a hypothetical market in which no producer or consumer has the power to influence prices, each producer and each consumer acts independently, all products have identical qualities that are known to everybody, and there are no barriers to entry (see competition). [e]
- Production possibility frontier [r]: The combinations of different outputs that can be produced when all inputs are being used efficiently (see economic efficiency:productive efficiency). [e]
- Public good [r]: Products and services that can only be collectively financed because it is not feasible to require individual users to pay for using them. [e]