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Briefly explain the human factors to be considered in the location decision of a facility.
Positive Externality
A beneficial effect experienced by a third party due to an economic activity, without compensation.
Socially Optimal
Refers to a state or condition in which resources are allocated in the most efficient manner from the perspective of society as a whole, maximizing overall well-being.
Market Quantity
Refers to the total amount of a particular good or service that is available for purchase in a market at a specific point in time.
Technology Spillover
An external benefit that results when knowledge spreads among individuals and firms.
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