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What is the sociological imagination? Using two specific examples, explain how it can be used to understand social problems.
External Cost
Spillover effects that reduce the well-being of non-consenting parties.
Economic Efficiency
A condition in which resources are distributed to optimize the generation of goods and services.
Competitive Private Market
A market structure where multiple firms compete against each other under minimal governmental intervention, offering goods and services to consumers.
Copyright Laws
Legal protections granted to creators for their original works, preventing unauthorized use or distribution.
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