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精编密训教材,分阶快递。 Please highlight critical terms;
*=not important for exam but you should know
Chapter Eight Public sector
Externality -when a decision imposes a cost (negative externality) or imparts a benefit (positive externality) to people not involved in the decision making. Public Goods- goods for which the consumption by one person does not exhaust the amount available for others, and for which prevention of consumption is difficult
social cost-those costs which are incurred by the public,. Polluted waterways; those are costs not captured by the market
social benefits-those benefits which are realized by the public or outside the buyer/seller exchange
pure Private Good a good that has exclusion and distributive characteristics
Technological efficiency-the identification of those inputs that have the greatest effect on output per $ of input expenditure