Examlex
The age of the solar system is believed to be approximately 4.6 billion years old based on the data from
Impossibility Theorem
A theory, often associated with economist Kenneth Arrow, stating that no rank-order voting system can simultaneously fulfill certain fairness criteria.
Paul Samuelson
An American economist known for his contributions to many areas of economic theory; the first American to win the Nobel Memorial Prize in Economic Sciences.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities or a misallocation of resources.
Government Involvement
The extent to which the government participates in the economy, through regulation, ownership, subsidy, or direct control of goods and services.
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