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In one of the first attempts to discover the speed of light, Simon Newcomb in 1882 made 66 measurements of the time light takes to travel between the Washington Monument and his laboratory on the Potomac River. Why did Newcomb repeat his measurement 66 times and take the average of the 66 as his final result?
Economic Welfare
The overall health and well-being of an economy, often measured by standards of living, availability of goods and services, and income distribution.
Economic Efficiency
A state in which resources are ideally distributed to best meet the needs of every person or entity, reducing waste and inefficiency to a minimum.
Gains From Trade
The benefits that parties obtain from engaging in voluntary exchange of goods or services.
Free Markets
Economic systems where prices for goods and services are determined by the open market and consumers, with minimal government intervention.
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