An Externality Refers to Economic Events Outside a Market

question 125

True/False

An externality refers to economic events outside a market.

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Definitions:

Determinism

Determinism is the philosophical belief that all events, including moral choices, are determined completely by previously existing causes.

Unpredictable

Describes something that is not able to be predicted or anticipated due to its random or variable nature.

Heredity

The genetic transmission of characteristics from parents to offspring, influencing various aspects of an individual's physical and behavioral traits.

Determinism

The theory that all events, including human behavior, are ultimately determined by causes external to the will; some philosophers argue that this implies the absence of free will.