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Describe a liberal correctional policy.Describe a conservative correctional policy.What makes the one liberal and the other conservative?
Efficient Amount
The optimal level of production or consumption where resources are utilized in the most effective manner without waste.
External Cost
A cost of economic activity not borne by the producer or consumer, but rather by a third party or the environment, often leading to market failure.
Efficient Amount
The quantity of a product or service that achieves a perfect balance between economic efficiency and the satisfaction of all market participants.
Government Intervention
Actions taken by a government to adjust or interfere in the economic affairs of a nation, with the intention of achieving economic or societal objectives.
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