Welfare economics/Related Articles: Difference between revisions
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imported>Nick Gardner No edit summary |
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:{{r|Marginal product}} | :{{r|Marginal product}} | ||
:{{r|Pareto-efficient}} | :{{r|Pareto-efficient}} | ||
:{{r|Production possibility frontier}} | :{{r|Production possibility frontier}} | ||
:{{r|Public good}} | :{{r|Public good}} | ||
:{{r|Spillover}} | |||
[[Template:Def_Perfect competition]] | [[Template:Def_Perfect competition]] | ||
Revision as of 04:10, 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]
- 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]