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What Is an Externality

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What is an externality?


Definitions:

Fluctuated

Varied or changed over time within a range or scale, often in an unpredictable manner.

Liberal Democracy

A form of government where free and fair elections occur and there is protection of individual rights and freedoms.

Formal Democracy

Involves regular, competitive elections.

Elected Democracy

A form of democracy in which representatives are chosen through the electoral process by the populace to act on their behalf in governing and making policy decisions.

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