The Chinese Government-Sponsored Program of Massive Economic Reform That Began

question 305

Short Answer

The Chinese government-sponsored program of massive economic reform that began in the 1950s was called the ___________.

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Definitions:

External Cost

Costs of a transaction that affect people who are not part of the transaction.

Private Value

The estimate of worth that an individual or company assigns to an asset, good, or service, reflecting personal assessments rather than market-driven prices.

Social Cost

The total cost to society, including both private and external costs, of producing a good or service.

Private Cost

The costs directly incurred by individuals or companies involved in conducting an economic activity, excluding any external effects on others.