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In a rating of the satisfaction with their instructor, 13 students gave the following scores from a scale of 1 to 5;
3, 2, 1, 1, 5, 5, 4, 3, 3, 2, 4, 3, 3
-What are the inner fences?
Legal Entity
An individual, company, or organization that has legal rights and obligations, including the capacity to enter legal contracts, sue, and be sued.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and use by one person does not reduce availability to others.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.
Social Costs
The total cost of an action or decision, including both private costs and any externalities borne by society at large.
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