Examlex
According to the ___________ people move through a series of states when modifying their behavior.
External Cost
A cost that a transaction or activity imposes on a party who did not agree to the transaction or activity, often leading to negative consequences like pollution or health issues.
External Benefit
A positive effect on a third party or the general public that arises from a transaction between others.
Producer Surplus
The difference between what producers are willing to accept for a good or service and what they actually receive, due to higher market prices.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.
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