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Public Goods
Goods that are non-rivalrous and non-excludable, meaning they can be used by everyone without preventing others from using them too.
Unregulated Market
A market where economic activities are not controlled by government policies or restrictions.
Imperfect Information
A market condition where all parties do not have equal access to all relevant information, leading to inefficiencies.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
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