Car Insurance Is an Example of a Good

question 73

True/False

Car insurance is an example of a good.

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Definitions:

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.

External Benefit

A benefit from a good or service that accrues to individuals or groups outside the direct transaction, without compensation.