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3 Cards in this Set
- Front
- Back
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Government failure |
Economically inefficient outcomes caused by shortcomings in the public sector |
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Principal-agent problems |
Conflicts that arise when tasks are delegated by one group of people (principals) to another group of people (agents) |
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Collective-action problem |
Situation in which multiple individuals would all benefit from a certain action, but has an associated cost making it implausible that ant one individual can or will undertake and solve it alone |
