Examlex
Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Proclamation of 1763
Externality
An economic term describing an indirect effect of a transaction not reflected in the market price, affecting third parties who did not choose to be involved.
Hydroelectric Power
Energy generated by converting the energy of falling or flowing water into electricity, commonly through the use of dams.
Overproduction
A situation where the supply of a product exceeds the demand for it, often leading to a fall in prices and profitability.
External Cost
Refers to the negative effects an activity imposes on unrelated third parties without compensation for the incurred costs.
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