Exchange Economies(revisited) No production, only endowments, so no description of how resources are converted to consumables General equilibrium; all markets clear simultaneously 1st and 2nd Fundamental theorems of welfare EconomicsExchange Economies (revisited) No production, only endowments, so no description of how resources are converted to consumables. General equilibrium: all markets clear simultaneously. 1st and 2nd Fundamental Theorems of Welfare Economics