Examlex
Evolution is the change in the genetic makeup of
Economically Inefficient Outcomes
Situations where resources are not allocated optimally, leading to a decrease in overall welfare or a misallocation of resources that could result in lost benefits for society.
Public Choice Theory
A branch of economics that studies how economic theories and methodologies can be applied to political science, focusing on the behavior of voters, politicians, and government officials.
Government Decision Making
The process by which government bodies decide on policies, laws, and budget allocations among other official actions.
Budget Deficits
A financial situation where a government's expenditures exceed its revenues, leading to increased borrowing or reduced spending.
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