Examlex
Use a figure to explain the potential effectiveness of fiscal policy to spur on the economy under a fixed exchange rate.
Economic Inefficiency
A situation where resources are not allocated in the most effective way, resulting in waste or loss of potential benefit to society.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.
Market Prices
The current price at which a good or service can be bought or sold in a market.
Efficient Level
The efficient level refers to a state of resource allocation where it is impossible to improve the situation of one party without worsening the situation of another, often associated with maximizing output without wasting resources.
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