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Marginal Social Cost
Marginal social cost is the total cost to society of producing one additional unit of a good or service, including both private costs and any externalities.
Common Resources
Resources that are accessible to all members of a society but are limited in availability and can be depleted by overuse.
Private Markets
Markets where transactions occur between private entities without significant government intervention, focusing on the exchange of goods and services among individuals and businesses.
Marginal Social Benefit
The additional benefit to society as a whole from increasing the output of a good by one unit.
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