Please Define the Following Key Terms

question 38

Essay

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

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Definitions:

Market Forces

The natural forces of supply and demand that govern the functioning of the free market, determining prices and production levels.

Rival

Describes a good or resource that cannot be consumed by more than one person or entity at the same time without diminishing its availability to another.

Nonexclusive

A property of a good or service where one person's use does not diminish availability to others.

External Benefit

A benefit that results from an economic activity which accrues to unrelated third parties.