Examlex
What distinguishes "play" from "recreation?"
External Costs
Costs generated by production or consumption activities that are not borne by the producer or consumer but by a third party or society at large.
Socially Desirable
Refers to actions or policies that are widely accepted and promoted by society because they are considered beneficial for the majority of its members.
Efficient
An attribute of systems, processes, or devices that use the least amount of inputs to achieve the highest amount of output or desired effect.
MSB
Marginal Social Benefit, referring to the additional benefit to society as a whole from consuming one more unit of a good.
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