Examlex
What is a welfare state?
Gross Domestic Product
The total value of all goods and services produced within a country's borders in a specific time period, serving as a broad measure of economic activity.
Economic Output
The total value of all goods and services produced by an economy over a specific time period.
Social Welfare
Organized public or private social services for the assistance of disadvantaged groups.
Internalizing External Costs
The process of ensuring that the prices of goods and services fully reflect all the costs and benefits, including those impacts on the environment and human health that are not accounted for in the market price.
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