Examlex
Is ambiguity acceptable in social work situations? Why or why not? Discuss your
thoughts on a social worker going against his own ethical beliefs in order to abide
by the agency's policies.
Market Failure
A circumstance where the distribution of goods and services through an unregulated market fails to be efficient, frequently resulting in a decrease in overall social welfare.
Externalities
Expenses or advantages impacting individuals who did not decide to bear those expenses or advantages.
Public Goods
Goods or services that are available to all members of a society, typically provided by the government, with no one excluded from benefitting.
Efficient Mix
The most advantageous combination of goods and services that can be produced and distributed with the available resources and technology, maximizing overall welfare.
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