Examlex
How would you classify the genetic basis for most behavioral traits in the animal kingdom?
Externality
A consequence of an economic activity that is experienced by unrelated third parties.
Externalities
Economic impacts on bystanders not directly engaged, with potential for both positive and negative outcomes.
Transaction Costs
The expenses incurred when buying or selling goods and services, which can include fees, commissions, and the costs of the time and effort involved in making the transaction.
Coase Theorem
A principle stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.
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