Examlex
Discuss the relationship between technology and the environment.How have advancements in technology had a negative impact on the environment? How can they have a positive impact?
Economic Efficiency
The optimal distribution of resources in a society, minimizing waste and maximizing value.
Government Failure
A situation in which the structure of incentives is such that the political process, including democratic political decision-making, will encourage individuals to undertake actions that conflict with economic efficiency.
Market Failure
A situation in which the structure of incentives is such that markets will encourage individuals to undertake activities that are inconsistent with economic efficiency.
Economic Incentive
A financial or material benefit that motivates individuals or businesses to pursue certain actions or behaviors.
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