Explain the Difference Between the Representation of a Decision Structure

question 43

Essay

Explain the difference between the representation of a decision structure and a loop in a flowchart.

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Definitions:

External Cost

represents a negative spillover effect of an economic transaction on a third party who was not involved in the transaction.

External Costs

Costs that are not borne by the parties involved in economic transactions but are imposed on others, such as environmental pollution.

External Benefits

Advantages that accrue to individuals or society indirectly participating in an economic transaction or activity.

Market Outcome

The result of all buyers' and sellers' interactions in a market, determined by factors like price, quantity, and quality of goods and services.