Examlex
One of the primary obstacles to balancing the federal budget is __________.
Negative Externalities
Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.
Social Planner
A hypothetical figure in economic theories who makes decisions designed to allocate resources efficiently and achieve social welfare objectives.
Private Cost
The expenses that a company or an individual incurs as a result of its economic activity, excluding any external costs.
Private Value
The value of a good or service to a particular buyer or group of buyers, which may differ from its market price or the value to other buyers.
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