Examlex
_____ are also sometimes called activity ratios.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities or public goods not being produced in sufficient quantities.
State-Owned Bridge
A bridge that is owned, financed, and operated by the government or state authorities, indicating public ownership and responsibility.
Public Good
A good that is non-excludable and non-rivalrous, meaning its use by one person does not reduce its availability to others, and no one can be effectively excluded from using it.
Common Resource
A resource like air or water that provides users with tangible benefits but is difficult to exclude non-payers from using, often leading to overuse.
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