Explain the Concept of Externality and Give an Example

question 1

Essay

Explain the concept of externality and give an example.

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Definitions:

Constitutional

Relating to an established system of fundamental principles according to which a state or other organization is governed.

Legislative

Pertaining to the process of making or enacting laws.

Branches Of Government

Refers to the division of government responsibilities into distinct sectors to prevent any one group from gaining too much power, typically including the executive, legislative, and judicial branches.

Probable Cause

A reasonable basis for believing that a crime may have been committed, used as a standard by law enforcement to make arrests and obtain search warrants.