Examlex
A prison is a correctional facility reserved for those inmates who have extensive records of misconduct.
Competitive Private Market
A market structure where multiple firms compete against each other under minimal governmental intervention, offering goods and services to consumers.
Copyright Laws
Legal protections granted to creators for their original works, preventing unauthorized use or distribution.
Private Good
a category of goods that are excludable and rival in consumption, meaning that access can be restricted and one person's consumption prevents another's.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.
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