Examlex
ADH increases fluid retention when the body sweats and decreases fluid retention when someone has consumed large amounts of water. This is an example of
Private Goods
Products and services that are excludable and rivalrous, meaning only paying customers can consume them, and one person's consumption prevents another's.
Government Failures
occur when government action results in outcomes that fail to achieve desired welfare improvements or when the intervention leads to an inefficient allocation of resources.
Economic Efficiency
A situation in which all resources are allocated optimally to serve each individual or entity in the best way while minimizing waste and inefficiency.
Public Sector
Part of the economy composed of both public services and public enterprises, owned and operated by the government.
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