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Scarce Resources
Resources that are limited in supply and cannot meet all the demands placed on them, necessitating allocation decisions.
Nonexcludable Good
A good that cannot be withheld from individuals once it has been provided, leading to free-riding issues.
National Defense
The protective measures and military actions that a country undertakes to defend itself against threats and maintain national security.
Market Failure
Occurs when the allocation of goods and services by a free market is not efficient.
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