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10 cards from this deck
Determines what, how much, and at what price is produced
Price mechanism ignores social costs/benefits, only private ones
Costs/benefits spilling over to society from economic activity
Cost imposed on society not paid by producer or consumer
Benefit to society beyond private producer/consumer benefit
Goods whose full costs to society exceed private costs
Goods whose full benefits to society exceed private benefits
Overuse & destruction of unowned resources treated as free
Overproduction: market quantity exceeds socially optimum
Underproduction: market quantity below socially optimum
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