Write the Word or Phrase That Best Completes Each Statement

question 40

Short Answer

Write the word or phrase that best completes each statement or answers the question.
Provide the missing information.
-Suppose that n represents the number of distinct elements in a group from which r elements will be
chosen in a particular order. Then each arrangement is called a________ of n items taken ________ at atime.

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Definitions:

Positive Externality

A benefit that is enjoyed by a third-party as a result of an economic transaction.

Negative Externalities

Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.

Social Planner

A hypothetical figure in economic theories who makes decisions designed to allocate resources efficiently and achieve social welfare objectives.

Private Cost

The expenses that a company or an individual incurs as a result of its economic activity, excluding any external costs.