noun

1. A person appointed, or chosen, by parties to determine a controversy between them; an arbitrator.

2. (with of) A person or object having the power of judging and determining, or ordaining, without control; one whose power of deciding and governing is not limited.

   "Television and film, not Vogue and similar magazines, are the arbiters of fashion."

3. A component in circuitry that allocates scarce resources.