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Simplify.
Allocate Resources
The process of distributing available resources, whether material, financial, or human, among competing demands and uses in an efficient manner.
Willingness to Pay
The maximum amount a consumer is ready to spend for a good or service.
Surplus
The situation where the quantity supplied of a product exceeds the quantity demanded at a given price.
Negative Externality
An economic situation where a third party is negatively affected by the actions of others, typically not reflected in the cost of those actions, such as pollution.
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