MARGINAL RATE OF TRANSFORMATION
Rate at which a producer needs to sacrifice one unit of good in order to produce an extra or marginal unit of an additional good, supposedly both goods require the same low input. This is tied to production possibilities frontier (PPF), displaying the output potential for two commodities that use the same resources. In other words, producing more of one good signifies producing less of the other, for these resources are effectively distributed.
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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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The Concepts of Economics: Scarcity
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A Guide to Becoming a Finance Expert
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Digesting Financial Statements: Introduction
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| Time | Country | Indices | Period |
|---|---|---|---|
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