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an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods anf services.


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更新: 不好意思...再加幾句....

the ability of an individual to own and exercise control over scarce resources.

a situation in which a market left on its own fails to allocate resources efficiently.

the impact of one person's actionon the well-being of a bystander.
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