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Which element of ethical responsibility requires special attention for populations such as young children or people diagnosed with mental retardation?
Capital Goods
Human-made resources (electrical grids, the GPS system, rail networks) used to produce goods and services; goods that do not directly satisfy human wants; also called capital. One of the four economic resources.
Productive Efficiency
A situation in which a good or service is produced at the lowest possible cost and with the optimal combination of inputs.
Coordination Problem
A challenge faced by individuals or organizations when their interests conflict, requiring them to align their actions or decisions to achieve a common goal.
Incentive Problem
A situation where the incentives or motivations available to individuals or firms do not align with broader economic, social, or organizational goals, potentially leading to suboptimal outcomes.
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