The Use of a New Idea or Method Is the Definition

question 21

Multiple Choice

The use of a new idea or method is the definition of:

• A) change.
• B) innovation.
• C) resistance.
• D) stereotyping.

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Definitions:

Private Goods

Private goods are products that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's consumption prevents another's.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be negative (costs) or positive (benefits).

Not Excludable

A characteristic of goods or services that does not allow for the prevention of use by individuals who have not paid for it.

Not Rival

A characteristic of a good where its consumption by one individual does not reduce availability to others, often associated with non-rivalrous goods.