Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Lebensraum
Market Equilibrium
The point in a market where the quantity demanded by consumers equals the quantity supplied by producers, resulting in a stable price.
Negative Externality
An adverse effect on a third party not directly involved in a transaction, which results from economic activity without compensation.
Negative Externality
A cost suffered by a third party due to an economic transaction, without compensation.
After-Tax Equilibrium
The balance reached in the market after accounting for the effects of taxes.