Match Each of the Following Terms with Its Definition

question 161

Multiple Choice

Match each of the following terms with its definition.
-A benefit derived from the creation of an information system that can be measured in dollars and with certainty.

• A)intangible benefit
• B)intangible cost
• C)one-time cost
• D)recurring cost
• E)tangible benefit
• F)tangible cost

---

Definitions:

Efficient Outcome

An economic situation in which all resources are allocated in the most effective way possible, maximizing potential benefit.

Negative Externality

A negative effect or cost suffered by a third party due to an economic transaction they were not involved in.

Socially Optimal Price

The price of a good or service that reflects the true cost to society, accounting for externalities and ensuring allocative efficiency.

Transaction Costs

Expenses incurred when buying or selling goods and services, which can include fees, taxes, and other costs.