Examlex
What was the primary purpose of the Proclamation of 1763?
Majority Vote
A decision rule where the option that receives more than half of the votes wins, commonly used in elections and other decision-making processes.
Market Failure
A situation in which the allocation of goods and services by a free market is not efficient, leading to a potential welfare loss.
Government Failure
A situation where government intervention in the economy causes inefficiencies or leads to a misallocation of resources.
Government Intervention
Actions taken by a government to affect or control various aspects of the economy, such as regulations, subsidies, tariffs, and taxes to correct market failures and promote economic stability.
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