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5
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Combination of goods and services which achieves the highest level of satisfaction for society
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6
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goods and services which tend to be overconsumed
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7
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When the allocation of resources achieved is inefficient and leads to national living standards and welfare not being maximised
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8
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A market with homogenous products, ease of entry and exit and a significant number of buyers and sellers
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9
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an individual who receives the benefit from a public good but does not pay for it
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10
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not owned by a single entity, have no price in the market and can be consumed by all
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11
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The volume of goods or services that can be purchased from a given income
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13
|
a law which can ban the production or consumption of certain activities, often imposing requirements on producers and consumers if they wish to continue to engage in certain activities
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14
|
information asymmetry leads to an economic outcome where wellbeing is not maxmised for one of the parties
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17
|
government intervention fails to improve the allocation of resources
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