An evaluation of an outcome based on how the allocation came about, and not on the characteristics of the outcome […]

An innovation that allows a good or service to be produced at lower cost than its competitors.

Tending to move in the same direction as aggregate output and employment over the business cycle. See also: countercyclical.

A measure of inflation in goods bought and manufactured by British-based industry.

The price at which a firm sells a good minus the minimum price at which it would have been willing […]

The degree to which demand for products or services changes with the price. Essential goods, such as food, do not […]

An innovation that produces a new good or service at a cost that will attract buyers.

A function in an advertising agency of producing letters and other direct mail pieces. Also the programmers in a service […]

A graphical or mathematical expression describing the amount of output that can be produced by any given amount or combination […]

The set of outputs that maximize a party’s output. Many examples depict a country’s potential output of two items: guns […]