Examlex
What is the importance of ethical behavior among managers in an organization?
Externality
A consequence of an economic activity that is experienced by unrelated third parties; it can be either positive or negative.
Efficient Allocation
An optimal distribution of resources in an economy where it is not possible to make someone better off without making someone else worse off.
Resources
Assets, materials, and inputs needed to produce goods and services in an economy.
Standard of Living
A measure indicating the degree of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.
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