Examlex
Which of the following events has a probability of 0 ?
A: The sun will shine all day on January 1st in Portland, Oregon
B: I will win the lottery if I buy one ticket
C: Tomorrow will be Monday if today is Saturday
Government Intervention
Government intervention involves actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and monetary policies.
Externality
A consequence of an economic activity that is experienced by unrelated third parties; it can be either positive or negative.
Efficient Allocation
An optimal distribution of resources in an economy where it is not possible to make someone better off without making someone else worse off.
Resources
Assets, materials, and inputs needed to produce goods and services in an economy.
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