Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-John Stuart Mill
Marginal Social Costs
The total cost to society of producing one extra unit of a good or service, including both private costs and any externalities.
Property Rights
Legal rights to use, derive benefit from, and transfer property.
Negative Externality
An adverse effect or cost suffered by a third party due to an economic transaction they were not involved in.
Government Standards
Official requirements established by governmental bodies that products, services, or processes must meet, often related to quality, safety, or compatibility.
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