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Any imperfection in the market mechanism that prevents optimal outcomes is known as

Social demand is equal to

Any imperfection in the market mechanism that prevents optimal outcomes is known as

Social demand is equal to

In a market economy, the people who receive the goods and services produced are those who

When economists talk about labor, we mean both the people who work to produce goods and services and the skills of those people.

At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)

When economists talk about labor, we mean both the people who work to produce goods and services and the skills of those people.

If a friend helps you with your homework, it will not be calculated in the GDP accounts. But if you hire a tutor who reports the income, the services will be counted in GDP.

When an economy is producing efficiently, it is