Term
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Definition
| Requires that given the same cost, individuals consume their most preferred goods |
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Term
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Definition
| Everybody is using the same resources, depleting much faster than if only one person was. It is NOT depleting because of competition. |
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Term
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Definition
| When individuals consume goods which they don't want, and don't consume goods which they do. IE when their neighbors house is hot pink |
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Term
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Definition
| When resources are scarce, not everyone can consume them. Requires that individuals with most need/want/willingness to pay to get the goods |
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Term
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Definition
| simply required that consumption and production efficiency are achieved simultaneously. Marginal Benefit vs Marginal Cost |
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