Examlex
To maintain fluid balance,the average person needs to consume approximately 6 cups of water a day.
Efficient Price
Price level at which the quantity demanded and supplied in a market are at equilibrium, leading to an optimal distribution of resources.
Common Resources
Resources like air or water that are not owned by anyone, cannot be consumed by one user without reducing available supply for others, and are available to all.
Private Market
A market in which transactions occur directly between private sector buyers and sellers without significant government regulation or intervention.
Marginal Social Benefit
The additional benefit to society as a whole from producing or consuming one more unit of a good.
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