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two. Coase theorem: when assets legal rights are certainly not outlined clearly, but there's some possibility of costless bargaining involving the occasion causing the negative externality plus the afflicted get together then such negotiations and bargains can result into socially optimal effects available in the market.

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This is a branch of accounting that includes the entire process of recording, reporting and summarizing the myriad of transactions resulting from enterprise functions above a time frame.  Each one of these transactions are acquired by economic statements.

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