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Critically discuss the costs and benefits of having a market exchange economy. What advancements can be gained from this economic system? What social institutions are lost?
Discriminatory Bias
Prejudice resulting in unfair treatment of individuals or groups based on characteristics such as race, gender, or age.
Productivity
The efficiency with which input resources are converted into outputs, often measured as the amount of output per unit of input.
Supply Reduction
A decrease in the amount of a good or service that producers are willing to provide, often due to factors like high production costs or regulatory measures.
Union
A worker association that bargains with employers over wages and working conditions.
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