Examlex
The human language has about how many speech sounds, which are referred to as phonemes?
Socially Optimal
A state or condition in which resources are allocated in the most efficient manner from a societal perspective, maximizing benefits and minimizing costs to the society as a whole.
External Benefits
Positive effects of a transaction that affect third parties not directly involved in the transaction.
External Costs
Costs that are not borne by the parties involved in an economic transaction but are imposed on other individuals or society at large, such as pollution or congestion.
Coase Theorem
A principle suggesting that if transaction costs are low, private bargains will efficiently resolve the allocation of resources and distribution of goods.
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