The _____ Responsibility Holds That a Business Should Be Responsible

question 69

Short Answer

The _____ responsibility holds that a business should be responsible for incorporating the end results of its products back into the productive cycle.

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Definitions:

Voter Failure

A situation where voters are uninformed or make irrational decisions, leading to outcomes not reflecting the true preferences of the majority.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; every good or service is produced up to the point where the last unit provides a utility level equal to the cost of producing it.

Productive Efficiency

A situation where the economy or an economic system operates in a way that it cannot produce more of one good without affecting the production of another good.

Voting Paradox

The voting paradox, or Condorcet paradox, illustrates a situation in a voting system where collective preferences can be cyclic, even if the individual preferences are non-cyclical.