Economics / Microeconomics / Terms and Concepts Rational Preferences An agent has rational preferences if her preferences fulfill two properties, that they are complete and that they are also transitive.
Economics / Economics and History / Terms and Concepts Beggar Thy Neighbor Policy Beggar thy neighbor policy is an economic policy which aims to boost the economy of a country, while worsening the economic conditions for another country.
Economics / Terms and Concepts Autarky Autarky refers to the state where the country has no trade with any other country. It is a closed economy.
Economics / Microeconomics / Terms and Concepts Normal good, inferior good, Giffen good Usually, goods are categorized into three different groups, which are: normal goods, inferior goods and Giffen goods.
