Examlex
What three forms does collective behavior generally take?
Efficiency
The degree to which resources are utilized effectively to achieve a goal with minimum waste of time and effort.
Government
The governing body of a nation, state, or community which creates and enforces laws, manages public resources, and regulates societal functions.
Government Intervention
Actions taken by a government to affect or interfere with market activities or uphold laws for economic or social outcomes.
Markets Fail
Occurs when a market economy does not efficiently allocate resources, leading to outcomes like monopolies, public goods issues, or externalities.
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