JOINT SUPPLY
An economic term that pertains to the product or process that can generate two or more outputs. An example of a joint supply is the livestock industry. Cows can be used for milk, beef, and hide. Should the supply of cows increase, the supply of dairy and beef products will increase, too. However, products yielded in this supply cannot be produced independently from one another.
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Tit for Tat
Game theory mechanism subject to a payoff matrix similar to a prisoner’s dilemma. Anchored on the concepts of retaliation and altruism, this ...
Nonsegregated Disclosures
Information that must be presented legally anywhere in a lease agreement. These are required by the Federal Reserve Board Regulation M. The lease a ...
Product Line
A series of related products which are all made or manufactured by the same company.
Behavioral Economics
The scientific study on how the mind thinks and how each person reacts as it relates to the process of decision making in economics of individuals ...
Infant-Industry Theory
A theory stating the emerging domestic industries must be protected against foreign competition until they become established and mature. In econom ...
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