Examlex
What are some of the problems that exist with a laissez-faire economy?
Economically Efficient
A situation where resources are allocated in a way that maximizes the net benefit to society.
Barriers To Entry
Factors that make it difficult for new firms to enter an industry, such as high initial investment, legal restrictions, or strong brand loyalty among consumers.
Network Effects
The phenomenon whereby increased numbers of people or participants improve the value of a good or service.
Economies Of Scale
The benefit that larger operations have, which allows them to produce goods or services at a lower unit cost as production scales up.
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