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-The structure depicted in the above figure shows the
Entrepreneurs
Individuals who innovate, finance, and manage business ventures, often taking on greater than normal financial risks.
External Cost
Costs that a producer or consumer inflicts on a third party who is not involved in the production or consumption of the goods or services.
Economic Efficiency
A situation in which all resources in an economy are optimally distributed to serve each individual or entity in the best way while minimizing waste and inefficiency.
Competitive Market
A competitive market is a market structure characterized by a large number of buyers and sellers, where no single entity has the power to influence market prices significantly.
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