Examlex
Discuss the unique family-related challenges faced by military members.
Efficient Solution
An outcome wherein resources are allocated in the most effective way, maximizing benefits while minimizing costs or wastes.
Internalize Externalities
The process by which a firm takes into account the external costs or benefits of its activities, typically by incorporating them into its pricing structure.
Negative Externalities
Costs suffered by a third party as a result of an economic transaction, such as pollution caused by industry, which are not reflected in the market prices.
Positive Externalities
Benefits that result from a transaction or activity and affect others not directly involved in the transaction or activity.
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