Economists Use the Term ______ to Refer to a Situation

question 159

Short Answer

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

---

Definitions:

Aversive Event

An unpleasant or undesirable occurrence that can lead to negative reactions or behaviors, often used in the context of learning and behavior modification.

Secondary Reinforcers

Stimuli that become reinforcing through their association with primary reinforcers, such as praise, which is not innately reinforcing but becomes so through association with positive experiences.

Positive Events

Occurrences that lead to beneficial or uplifting outcomes for individuals or groups.

Aversive Events

Unpleasant or undesirable occurrences that an individual seeks to avoid or escape from.