Examlex
Instructions: Identify the following terms.
philosophes
Private Consumptions
The spending by households on goods and services, excluding purchases of new housing but including healthcare, education, and entertainment.
Majority Vote
A decision-making rule where the option that receives more than half of the votes is chosen.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they can be used by many people simultaneously without depletion.
Pareto Optimal
A scenario in resource distribution where it's impossible to benefit one individual through reallocation without causing harm to another individual.
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