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Exploring the Paradox of Value

Exploring the Paradox of Value

Diamonds command a higher price in the market as compared to water, when it is water without which human beings cannot live....
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Social benefits
Definitions

Social benefits

EconomicsOnline • January 29, 2020 • 1 min read

Social benefits – definition

Social benefits are private benefits gained by individuals directly involved in a transaction together with the external benefits gained by third parties not directly involved in the transaction.

Social benefits diagram


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