Define the Norming Stage of Group Development

question 24

Short Answer

Define the norming stage of group development.

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Definitions:

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.

Market Failure

Situations where the allocation of goods and services by a free market is not efficient, often requiring government intervention.

Negative Externality

Occurs when the production or consumption of a good or service imposes costs on third parties who are not involved in the transaction.

Marginal Cost

The financial impact of producing one more unit of a product or service.