The Disparity Between Private Industrial Costs and Public Social Costs

question 10

True/False

The disparity between private industrial costs and public social costs is what economists call an "internality."

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Definitions:

Aggregate

A total or sum, often used in economics to describe combined quantities like total output or income.

Frictional Unemployment

represents short-term unemployment that occurs when workers are between jobs or entering the labor force for the first time.

Labor Force

The total number of people employed or actively seeking employment in a country or region.

Labor Force

The total number of people employed or actively seeking employment in a given economic territory or nation.