Competitive equilibriumCompetitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices.
Market economyA market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Jawi scriptJawi (; Jawoë; Kelantan-Pattani: Yawi; d͡ʒä.wi) is a writing system used for writing Malay and several languages of Southeast Asia, such as Acehnese, Banjarese, Kerinci, Maguindanaon, Minangkabau, Tausūg, and Ternate. Jawi is based on the Arabic script, consisting of all of the original 31 Arabic letters, and six additional letters constructed to fit the phonemes native to Malay, and an additional phoneme used in foreign loanwords, but not found in Classical Arabic, which are ca /t͡ʃ/, nga /ŋ/, pa /p/, ga /ɡ/, va /v/, and nya /ɲ/.
Arabic alphabetThe Arabic alphabet (الْأَبْجَدِيَّة الْعَرَبِيَّة, ALA ʔælʔæbʒædijːæ-lʕɑrɑbijːæ or الْحُرُوف الْعَرَبِيَّة, ALA), or Arabic abjad, is the Arabic script as it is codified for writing Arabic. It is written from right to left in a cursive style and includes 28 letters. Most letters have contextual letterforms. The Arabic alphabet is considered an abjad, meaning it only uses consonants, but it is now considered an "impure abjad". As with other impure abjads, such as the Hebrew alphabet, scribes later devised means of indicating vowel sounds by separate vowel diacritics.
Yo (Cyrillic)Yo, Jo or Io (Ё ё; italics: Ё ё; jɵ) is a letter of the Cyrillic script. In Unicode, the letter is named CYRILLIC CAPITAL/SMALL LETTER IO. In English, the letter Yo is romanized using the Latin ë (according to the ALA–LC and British Standards), ë (yë word-initially) (BGN/PCGN) or yo/jo (orthographic transcription) for Russian, and as i͡o (ALA–LC), yo (BGN/PCGN), or ë (BSI) for Belarusian. In international systems, Yo is romanized as ë (ISO 9). It was derived from the Cyrillic letter Ye (Е е).
Cyrillic alphabetsNumerous Cyrillic alphabets are based on the Cyrillic script. The early Cyrillic alphabet was developed in the 9th century AD and replaced the earlier Glagolitic script developed by the Byzantine theologians Cyril and Methodius. It is the basis of alphabets used in various languages, past and present, Slavic origin, and non-Slavic languages influenced by Russian. As of 2011, around 252 million people in Eurasia use it as the official alphabet for their national languages. About half of them are in Russia.
Edgeworth boxIn economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ωx and Ωy of the two goods. Let the consumers be Octavio and Abby. The top right-hand corner of the box represents the allocation in which Octavio holds all the goods, while the bottom left corresponds to complete ownership by Abby. Points within the box represent ways of allocating the goods between the two consumers.
Expected utility hypothesisThe expected utility hypothesis is a popular concept in economics that serves as a reference guide for decision making when the payoff is uncertain. The theory describes which options rational individuals should choose in a situation with uncertainty, based on their risk aversion. The expected utility hypothesis states an agent chooses between risky prospects by comparing expected utility values (i.e. the weighted sum of adding the respective utility values of payoffs multiplied by their probabilities).
Σ-algebraIn mathematical analysis and in probability theory, a σ-algebra (also σ-field) on a set X is a nonempty collection Σ of subsets of X closed under complement, countable unions, and countable intersections. The ordered pair is called a measurable space. The σ-algebras are a subset of the set algebras; elements of the latter only need to be closed under the union or intersection of finitely many subsets, which is a weaker condition.
Exponential utilityIn economics and finance, exponential utility is a specific form of the utility function, used in some contexts because of its convenience when risk (sometimes referred to as uncertainty) is present, in which case expected utility is maximized. Formally, exponential utility is given by: is a variable that the economic decision-maker prefers more of, such as consumption, and is a constant that represents the degree of risk preference ( for risk aversion, for risk-neutrality, or for risk-seeking).
Risk aversionIn economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff.
AlephAleph (or alef or alif, transliterated ʾ) is the first letter of the Semitic abjads, including Phoenician 𐤀, Hebrew א, Aramaic 𐡀, Syriac ܐ, Arabic ʾ ا, and North Arabian 𐪑. It also appears as South Arabian 𐩱 and Ge'ez አ. These letters are believed to have derived from an Egyptian hieroglyph depicting an ox's head to describe the initial sound of *ʾalp, the West Semitic word for ox (compare Biblical Hebrew ʾelef, "ox"). The Phoenician variant gave rise to the Greek alpha (Α), being re-interpreted to express not the glottal consonant but the accompanying vowel, and hence the Latin A and Cyrillic А.
