Examlex
Differentiate between value and margin.
Public Good
A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.
National Defense
The government functions and mechanisms aimed at protecting a country against external aggression, threats, and maintaining sovereignty.
Free Market
An economic system where prices are determined by unrestricted competition between privately owned businesses, without excessive government control or intervention.
Externality
A consequence of an economic activity experienced by unrelated third parties; it can be either positive (beneficial) or negative (harmful).
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