Examlex
Government can internalize externalities by
Comparative Advantage
The proficiency of an individual or group in executing a certain economic function more effectively than other tasks.
Lowest Cost
The scenario in which the expenditure required to achieve a certain objective or to purchase goods and services is minimized.
Opportunity Cost
The act of sacrificing possible gains from alternative decisions when one is made.
Freight Train
A freight train is a train composed of freight cars for the purpose of transporting goods and materials rather than passengers.
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