Examlex
Kepler discovered that planets do not move at uniform speeds along their elliptical orbits.
External Costs
Costs of a transaction or activity that affect parties who did not choose to incur that cost, often not reflected in the market price.
Social Cost
The total cost to society as a whole, including both private costs incurred by firms or individuals and external costs imposed on others.
Free Riders
A person who receives the benefit of a good without paying for it. Because it is often virtually impossible to restrict the consumption of public goods to those who pay, these goods are subject to free-rider problems.
Public Good
A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
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