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Representative Democracy
A system of government where citizens elect representatives to make decisions and enact laws on their behalf.
Balanced Budget Amendment
A proposed amendment to the U.S. Constitution requiring that the federal government not spend more than its income.
Shortsightedness Effect
A situation where decision-makers prioritize immediate benefits over long-term gains, potentially leading to suboptimal outcomes.
Public Goods
Goods for which rivalry among consumers is absent and exclusion of nonpaying customers is difficult.
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