Examlex
Fill in the Blank(s)
-The purchasing function is also called_______ or supply management.
Ideal Economic Efficiency
A situation in which resources are allocated in a way that maximizes the net benefit to society.
Market Failure
Refers to a situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities.
Externalities
Indirect effects of production or consumption activities on third parties, which can be either positive or negative and are not reflected in market prices.
Ideal Economic Efficiency
A state where resources are allocated in the most efficient way possible, maximizing total net benefit to society or economy.
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