Examlex
To help Betsy understand how her behavior appears to her husband Charles, their therapist is using psychodrama and has the couple
Nonexcludability
A characteristic of certain goods or services where it is not feasible to exclude individuals from using the good or service, regardless of whether they have paid for it.
Negative Externality
A cost experienced by a third party not involved in the economic transaction, such as pollution affecting residents near a factory.
Spillover Cost
A cost incurred by someone who did not choose to incur that cost.
Allocative Efficiency
A state of the market where resources are allocated in a way that maximizes the net benefit to society.
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