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Please Define the Following Key Terms

question 49

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Themistocles


Definitions:

Consumption

The process by which goods and services are used up by consumers, reflecting the end use of products and services in an economy.

Nonpaying Customers

Individuals or entities that receive goods or services without providing payment or compensation.

External Benefits

refer to positive effects of a transaction or activity on third parties who are not directly involved in the transaction.

Economic Efficiency

A situation in which resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

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