Affiliation contracts are “take it or leave it” agreements where you have to accept or reject the contract as a whole.
Accession agreements are designed to simplify business transactions by standardizing the agreement between the supplier and the buyer.
In order to ensure enforceability, accession agreements cannot be unreasonably unilateral.
Ultimately, the courts decide what is reasonable in the framework of an adhesion contract. This changes over time and may differ between jurisdictions.
“Best Effort” is a legal term that represents the obligation of a party to a contract to take all possible steps to fulfill the terms of the agreement.
Disequilibrium is when external forces cause an imbalance between supply and demand in the market. In response, the market enters a state in which supply and demand do not match.
Economic equilibrium is a state in which market forces are balanced, a concept borrowed from the physical sciences, where observable physical forces can balance each other.
An economist is an expert who studies the relationship between a society’s resources and its production or output, using a number of different indicators to predict future trends.
A trade-off between equity and efficiency arises when there is some conflict between maximizing net economic efficiency and achieving other social goals.
External economies of scale - these are factors that contribute to the development of business, which are manifested outside the company, but within the same industry.