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Socially Optimum
The optimal distribution of resources and production from a societal perspective, where social welfare is maximized.
Social Perspective
The viewpoint focusing on how societal contexts influence individuals and groups, including norms, values, and social institutions.
Marginal Private Benefit
The extra advantage gained by either the consumer or producer from the consumption or production of an additional unit of a product or service.
Efficient
Refers to the optimal use of resources to achieve the desired outcome with minimal waste or effort.
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