The Planning Process Includes

question 108

Multiple Choice

The planning process includes

• A)setting objectives.
• B)identifying means of achieving the objectives.
• C)making decisions.
• D)all of these.

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Definitions:

Market Failure

A situation in which a market left on its own fails to allocate resources efficiently.

Free-Ride

A situation in which an individual benefits from resources, goods, or services without contributing to the cost.

Private Markets

Markets where transactions occur directly between parties without public exchange involvement, often characterized by less regulation.

Socially Optimal Level

A state of resource allocation where the benefits to society are maximized, considering all externalities.