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Allocative Efficiency
A state of the economy where resources are distributed in a way that maximizes the net benefit to society, with goods and services going to those who value them the most.
Marginal Cost
The incremental cost incurred when producing one more unit of a good or service. This is a different phrasing for the concept given previously.
Marginal Benefit
The additional satisfaction or utility gained by consuming an extra unit of a good or service, a reiteration with different phrasing.
Patient Protection and Affordable Care Act (PPACA)
A federal law enacted in 2010 aimed at reducing healthcare costs and increasing health insurance coverage among Americans.
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