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Every society has norms regarding who may engage in intimate physical relations, with whom, and under what circumstances.Which of the following functions fulfilled by a family does this statement depict?
Private Good
A product or service that is consumed by an individual and cannot be used or consumed by others once it is purchased.
Pareto Optimal
Pareto optimal describes a state in an economic system where it’s impossible to make any one individual better off without making at least one individual worse off, indicating an efficiency in resource allocation.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning one person's consumption does not reduce availability for others and cannot exclude others from using them.
Private Consumption
Expenditure by households on goods and services, excluding purchases of dwellings, which is a key component in the calculation of a country's Gross Domestic Product (GDP).
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