Name the Three Components of the Iron Triangle

question 33

Short Answer

Name the three components of the iron triangle. Give one example of how an iron triangle might work to form policy in a certain area.

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Definitions:

Marginal Benefit

The added value or usefulness experienced when one more unit of a good or service is consumed.

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a product or service.

Study Abroad

An educational program that allows students to live in a foreign country and attend a foreign educational institution for a certain period.

Incentives

Financial or non-financial rewards offered to encourage specific behaviors or outcomes, often used to motivate individuals or businesses to perform optimally.