Examlex
In reference to the equation , the value 0.12 is the average change in y per unit change in x1, when x2 is held constant.
External Costs
Expenses that a business or economic activity imposes on unrelated third parties or the environment, which are not reflected in market prices.
External Benefits
External Benefits are positive effects of a production or consumption activity on third parties who did not directly participate in the economic transaction.
Living in Poverty
The condition of having insufficient resources or income to meet basic life needs.
Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally benefit society as a whole.
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