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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Hapsburgs
Marginal Benefit
The boost in pleasure or utility a person gets from purchasing one more unit of a product or service.
Output
The aggregate output of products or services generated by an enterprise, sector, or economic system over a defined time frame.
Positive Externality
A benefit obtained without compensation by third parties from the production or consumption of sellers or buyers. Example: A beekeeper benefits when a neighboring farmer plants clover. Also known as an external benefit or a spillover benefit.
Spillover Benefit
A positive effect experienced by bystanders or other parties not directly involved in the production or consumption of a good or service.
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