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What development led to the Great Recession?
External Benefits
Benefits resulting from a transaction that affect parties not directly involved in the transaction, often leading to positive outcomes for society.
External Costs
Costs of a transaction or activity that affect third parties who did not choose to incur that cost, often seen in environmental pollution.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which there are many substitutes.
External Benefit
A benefit that people other than the consumer or producer enjoy, resulting from a transaction or activity.
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