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An example of nondiscretionary policymaking is
External Costs
Costs that fall on third parties who are not directly involved in a transaction or economic activity.
Marginal Social Costs
The total cost to society of producing one extra unit of a good or service, including both private costs and any externalities.
Property Rights
Legal rights to use, derive benefit from, and transfer property.
Negative Externality
An adverse effect or cost suffered by a third party due to an economic transaction they were not involved in.
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