Examlex
What is automation and why is it used?
Market Failure
A situation where the free market fails to allocate resources efficiently, leading to a net social welfare loss.
Private Goods
Goods that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's use of the good prevents another's use of it.
Prices
The sum of money needed to buy a product or service.
Efficient Allocation
The optimal distribution of resources in an economy, where resources are utilized in a manner that maximizes societal welfare without any wastage.
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