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At 20 years of age, Joe is the life of the party, hanging off of the chandelier, and leading everyone at the party in a rousing chorus of the latest hit song. Later in life, he most likely will be the senior citizen
Externality
An economic term describing an indirect effect of a transaction not reflected in the market price, affecting third parties who did not choose to be involved.
Hydroelectric Power
Energy generated by converting the energy of falling or flowing water into electricity, commonly through the use of dams.
Overproduction
A situation where the supply of a product exceeds the demand for it, often leading to a fall in prices and profitability.
External Cost
Refers to the negative effects an activity imposes on unrelated third parties without compensation for the incurred costs.
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