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Key Words Are

question 49

Multiple Choice

Key words are


Definitions:

Incomplete Information

A situation in economics where all parties in a transaction do not have full and equal knowledge.

Externalities

Economic side effects or by-products that affect an uninvolved third party; can be positive or negative, such as pollution or public parks.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are accessible to all members of society and one person's consumption does not reduce availability to others.

Externalities

Costs or benefits arising from an economic activity that affect third parties who did not choose to incur that cost or benefit.

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