Examlex
The two fundamental documentation types are:
Coase Theorem
The idea, first stated by economist Ronald Coase, that some externalities can be resolved through private negotiations among the affected parties.
Nonrivalry
A characteristic of some goods where one person's consumption does not diminish the ability of others to consume the same good.
Nonexcludability
A characteristic of certain goods or services where it is not feasible to exclude individuals from using the good or service, regardless of whether they have paid for it.
Negative Externality
A cost experienced by a third party not involved in the economic transaction, such as pollution affecting residents near a factory.
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