Examlex
A(n) ________-based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers.
External Costs
External costs, or negative externalities, are costs that are not borne by the parties directly involved in a transaction or activity but are imposed on third parties or society at large, such as pollution.
Internalized
This term generally refers to the absorption of external effects or costs by the decision-maker, often in the context of environmental economics.
Coase Theorem
An economic theory stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.
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