The Results of a Decision Which Affect People Other Than

question 31

True/False

The results of a decision which affect people other than the decision- taker are called externalities.

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Definitions:

Independent Firms

Businesses that operate autonomously, not owned by or affiliated with larger corporations, often characterized by unique cultures and personalized services.

BRIC Countries

An acronym referring to the economies of Brazil, Russia, India, and China, which are distinguished by their fast growth and large potential markets.

Tariffs

Taxes imposed on imported goods, often used by governments to control trade flows, protect domestic industries, or generate revenue.

Quotas

Fixed limits or targets, often in a business or policy context, dictating the amount of goods or activities allowed.