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The SUMIF function will only total data that meets a certain condition.
External Costs
Costs of economic activity not borne by the producer or consumer but by society, often not reflected in the price of goods or services.
Economic Efficiency
A situation where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.
Market
A place or arrangement through which goods and services are exchanged between buyers and sellers.
Public Good
A commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organization.
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