Examlex
One property of Kenneth Arrow's "perfect" voting system is that the ranking between any two outcomes A and B should not depend on whether some third outcome C is also available. Arrow called this property
Marginal Cost
The increase in total production costs resulting from producing one additional unit of a good or service.
Market Allocating Resources
The process through which a free market economy determines the distribution of resources based on supply and demand dynamics.
Flu Shots
Vaccinations that protect against the influenza virus, recommended annually to prevent the spread of the flu.
Public Good
An offering of goods or services to all society members without any profit, provided by either governmental bodies or private sectors.
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