Examlex
How do levirate and sororate marriages differ? What are the benefits of these systems to family members?
External Benefits
External benefits refer to the positive effects or advantages that a product or activity imparts on individuals or society who are not directly involved in the production or consumption of the good.
Network Externalities
The effect on a user of a product or service that results from an increase in the number of other users of the same or compatible products or services.
Natural Monopolies
Market conditions where a single firm can supply a good or service more efficiently than any competitor due to economies of scale, hence dominating the market.
Positive Feedback
Put simply, success breeds success, failure breeds failure; the effect is seen with goods that are subject to network externalities.
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