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Efficient Recycling
The process of collecting, processing, and reusing materials in the most cost-effective, environmentally friendly, and resource-efficient manner.
Scrap
Discarded waste material, especially metal suitable for reprocessing or remnants from manufacturing processes.
Welfare Losses
Economic inefficiencies that occur when there is a divergence from optimal supply and demand conditions, leading to a net loss in social welfare.
MSC
Marginal Social Cost; the total cost to society of producing an additional unit of a good, including both private costs and any external costs.
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