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Describe sociologist William Graham Sumner's concepts of ingroups and outgroups. Explain the positive and negative consequences of both ingroups and outgroups for members.
Marginal Rate
The rate at which one variable changes with respect to a slight change in another variable, often used in the context of taxes or production.
Transformation
The process of changing the structure, appearance, or character of something, often seen in economic contexts as shifts in production or technology.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, a fundamental concept in economics that captures the essence of trade-offs.
Economic Growth
The growth in the real market value of goods and services that an economy generates over a period.
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