Governments

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Last updated 5:50 AM on 4/30/26
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6 Terms

1
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Market

A place where buyers and sellers exchange products

2
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Market failure

failure of the economy to use resources efficiently

3
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Public good

a good that is non excludable.

4
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Merit goods

a good that benefits both an individual and the broader society.

5
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Demerit goods

Goods that harms both the individual and the broader society.

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Natural monopoly

A market structure where certain goods only have one supplier, primarily due to large investments.