Identify the Following Terms

question 116

Short Answer

Identify the following terms.
-Hinduism

---

Definitions:

Misallocated

A situation where resources are used inefficiently, resulting in lost potential output or wasteful expenditures.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a social welfare loss.

Public Good

An offering of goods or services to society's members at no cost, made available by public institutions or private bodies or individuals, not aiming to generate profits.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone to use without diminishing their availability to others.