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Identify the three steps in the financial management process.
Deadweight Loss
An inefficiency in the market where the total surplus of producer and consumer is not maximized due to factors like taxes or subsidies.
Elastic Demand
A situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
Tax Placed
The imposition of a financial charge or levy on an individual or a corporation by a government.
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