Examlex
According to Adam Smith, what should a person never attempt to make at home?
Public Good
A product or service that is non-excludable and non-rivalrous, meaning its consumption by one individual does not reduce its availability to others.
Collective Willingness
The aggregated preference or desire of a group of individuals to support or buy into a particular idea, policy, or product.
Marginal Cost
The boost in complete costs associated with creating one more unit of a product or service.
Private Good
A product that is excludable and rival in consumption, meaning its use is limited to the purchaser and it cannot be shared without diminishing availability to others.
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