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As children mature and learn, they have the potential to benefit society in whatever profession or products they eventually produce. [10] The products and services produced within a home are open to the non-market economy at large. Society as a whole benefits from this unpaid work, whether in an immediate manner or a more abstract, macro scale.
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Allocative efficiency is a state of the economy in which production is aligned with the preferences of consumers and producers; in particular, the set of outputs is chosen so as to maximize the social welfare of society. [1] This is achieved if every produced good or service has a marginal benefit equal to the marginal cost of production.
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
Distributive justice concerns the socially just allocation of resources, goods, opportunity in a society. It is concerned with how to allocate resources fairly among members of a society, taking into account factors such as wealth, income, and social status.
In such a socialist society based on economic planning, the primary function of the state apparatus changes from one of political rule over people (via the creation and enforcement of laws) into a technical administration of production, distribution and organization; that is, the state would become a coordinating economic entity rather than a ...
Allocution (law), or allocutus, is a formal statement made to the court; Allocation (oil and gas) in hydrocarbon accounting to assign the proper portions of aggregated petroleum and gas flows back to contributing sources
Whole-of-society, or Whole of society, is a concept in international relations and related fields which looks to engage diverse groups across society to further common policy goals. Definition [ edit ]