I need help with econ

Word Bank constraints inefficiently below purposefully efficiently property public above objective trading 1. 10. A market is any arrangement that people have for with one another. . Market performance refers to how markets do their job of providing arrangements for mutually benecial trade. . A(n) is anything people want to achieve. In a world of scarcity, alternatives are never unlimited, and are universal. rights are legal rules that establish what things a person may use or control. Rationality is acting to achieve an objective, given constraints on available opportunities. A market failure is a situation in which a market coordinates choices in a way that achieves resource usage Insufcient competition or monopoly markets cause a failure because rms charge a price their opportunity costs, making the market price too high. goods fail to coordinate market choice in a way that achieve efcient resource use because they lead to a free rider problem. In the case of harmful externalities, market failure occurs because prices are too low and fall opportunity costs