Examlex
What economic concepts are represented in the production possibilities model?
Externality
An economic term referring to a cost or benefit that affects a party who did not choose to incur that cost or benefit, often leading to market failure.
External
Pertaining to elements or influences originating outside a system or entity.
Public Goods
Goods or services that are available to all members of society, characterized by non-excludability and non-rivalry in consumption.
Exclude
Refers to the act of leaving something or someone out or not including them.
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