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Capitalism Vs. Socialism

Capitalism Vs. Socialism

The biggest difference between capitalism and socialism is how much the government intervenes in the economy. Capitalist economic systems ar...
2 min read
Social costs
Definitions

Social costs

EconomicsOnline • January 29, 2020 • 1 min read

Social costs – definition

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

Social cost diagram


  • Read more on external costs



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How Rational Choice Theory Affect Marketing Budgets

How Rational Choice Theory Affect Marketing Budgets

You calculate the pros and cons every time you choose, weighing your choice against their alignment with your personal preferences. This pra...
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