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COGNITIVE ASSESSMENT What are the roles of the control unit and the ALU?
Efficient Output Levels
Points of production where the economy can no longer increase the production of one good without decreasing the production of another good, achieving an optimal distribution of resources.
Socially Optimal
A state or outcome that is considered the most efficient and beneficial for society as a whole, often in terms of resource allocation or welfare.
External Cost
Costs of an economic activity that are not borne by the parties involved but are instead imposed on others or society at large.
Private Value
The value of a good or service to an individual or firm for personal use, as opposed to its value to society or the economy at large.
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