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Why should one always read crime statistics with caution?
Marginal Cost Curve
A graphical representation showing how the cost of producing one more unit of a good changes as production volume increases.
Marginal Social Cost
The total cost to society of producing one additional unit of a good or service, including both direct costs and any adverse impacts on third parties.
External Costs
Costs that affect parties who do not directly participate in an economic transaction, often not reflected in market prices (e.g., pollution).
Tax
A required financial imposition or alternative type of assessment placed on taxpayers by government entities to support government budgeting and assorted public outlays.
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