IDs and Paired-Concept Questions

question 19

Short Answer

IDs and Paired-Concept Questions
These terms can be used individually as short-answer identification questions, or they can be used in pairs. In the latter case, ask students to explain (1) the meaning and significance of each of the two terms and (2) the relationship between them.
-Market failure,diseases

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Definitions:

External Cost

A cost that is not borne by the producer or consumer directly involved in a transaction, but rather by a third party or society as a whole, such as pollution.

Allergic

Pertains to medical and biological contexts, indicating adverse immune responses of the body to certain substances, known as allergens.

Rose Pollen

The fine powder produced by the male parts of a rose flower, necessary for the fertilization process in plant reproduction.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often justifying government intervention.