An Example of a Private Solution to Externalities Is Charities

question 18

Short Answer

An example of a private solution to externalities is charities. The government encourages this private solution by allowing ___________ .

Understand the importance of preservation and study of cultural heritage sites in South and Southeast Asia.

Explore the interconnections between religion, art, and society in South and Southeast Asian history.

Recognize the contributions of significant historical figures and dynasties to the cultural development in South and Southeast Asia.

Gain insights into the technology, trade, and materials used in the creation of art and architecture in ancient South and Southeast Asia.

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Definitions:

Sociology

The scientific study of society, social relationships, social interactions, and culture that surrounds everyday life.

Diverse Society

A community characterized by a variety of different cultural, ethnic, racial, and social backgrounds.

Capitalism

An economic system based on private ownership and the free market, characterized by the pursuit of profit.

Lumpenproletariat

A term coined by Marx to describe the class of outcasts in society, such as the unemployed and criminals, who are not involved in industrial production.