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When it comes to wikis, it is not necessary to think through a long-term purpose in the planning step.
Equilibrium Quantity
The quantity of goods or services traded in a market at the equilibrium price, where the quantity supplied equals the quantity demanded.
External Cost
A cost borne by someone who does not participate in the transaction or decision that led to the cost, often associated with negative externalities.
Total Surplus
The sum of consumer and producer surplus in a market, indicating the overall economic benefit to society from market transactions.
Socially Efficient
An economic condition where the allocation of resources maximizes social welfare, often where marginal cost meets marginal benefit.
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