The Process of _______________ Depends Partly on the Presence of Short-Lived

question 52

Short Answer

The process of _______________ depends partly on the presence of short-lived radioactive elements whose rapid decay would have released enough heat to melt the interior of planets.

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Definitions:

Property Rights

The rights to use, control, and obtain the benefits from a good or resource.

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.