Examlex
People are a source of competitive advantage when others can copy their capabilities and contributions.
Free-Market Economy
An economic system where prices are determined by unrestricted competition between privately owned businesses without government intervention.
Negative Externality
A situation where a third party suffers costs or harm as a result of an economic transaction between other parties, without compensation, such as pollution from a factory affecting nearby residents.
Property Values
The monetary worth assigned to real estate, determined by various factors including location, size, and condition of the property.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the additional satisfaction or benefit gained.
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