Examlex
Lightning is associated with thunder and regularly precedes it.Thus, when we see lightning, we often anticipate that we will hear thunder soon afterward.This is an example of
Private Consumption
Expenditure by households on goods and services, excluding purchases of dwellings, which is a key component in the calculation of a country's Gross Domestic Product (GDP).
Pareto Efficient
An economic condition wherein resources are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.
Public Good
A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.
Private Good
A product or service that is excludable and rivalrous, meaning its consumption by one individual prevents others from consuming it.
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