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vocab
| Term | Definition |
|---|---|
| market failure | situation in which the market does not distribute resources efficiently |
| public goods | a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization |
| free rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good |
| infrastructure | the goods and services that are necessary for the smooth functioning of society, such as highways, mass transit, power, water and sewer systems, education and health care systems; and police and fire protection |
| externality | side effect of a transaction that affects someone other than the producer or the buyer |
| negative externality | negative effect or cost for people who were not involved in the original economic activity |
| positive externality | positive effect or benefit for people who were not involved in the original economic activity |
| subsidy | government payment that helps cover the cost of an economic activity that is considered to be in the public interest |
| safety net | government programs to protect people from economic hardships |
| transfer payment | income transfer of one person or group to another even though the receiver does not provide any goods or services in return |
| public transfer payment | government transfers income from taxpayers to recipients who do not provide anything in return |
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shortbreadcookie
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