Examlex
A doctor completes a surgical procedure on a patient without error. The patient dies anyway. In operations management terms, we could refer to this doctor as being efficient but not effective.
Oil Refinement
The industrial process of transforming crude oil into usable products including fuels, lubricants, and petrochemicals.
Pollution
The contamination of the natural environment, which can lead to harmful effects on ecosystems and human health.
Marginal External Cost
The additional cost imposed on society that is not accounted for by the producer as output increases.
Marginal Social Cost
The cost to society of producing one additional unit of a good or service, including both the private costs and any external costs.
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