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Describe job instruction training.
Government Intervention
The involvement of the government in the market, aiming to alter the allocation of resources and distribution of goods and services.
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.
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