Examlex
How has technology altered the practice of warfare? Compare and contrast warfare in industrial and postindustrial societies with earlier forms of warfare.
External Costs
Costs that are not borne by the producer or consumer of a good or service, but by third parties or society as a whole, such as pollution.
Market Outcome
The end result of market interactions, determined by supply and demand forces, affecting prices and quantities.
Efficient Price
A market price that fully reflects all available information and maximizes the total benefits to society.
External Benefits
Positive effects experienced by third parties or the public due to an economic transaction they were not directly involved in.
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