Examlex
The courts have had difficulty deciding whether computer programs are covered by copyright legislation or not. Discuss how this has been resolved.
Common Resources
Resources that are available to all but are susceptible to overuse because of their non-excludable and rivalrous nature, leading to potential depletion or degradation.
Socially Optimal
A state of the market where resources are allocated in the most efficient manner, maximizing the overall benefit to society.
Negative Externality
An economic situation where a third party is negatively affected by the outcome of a transaction or activity, for instance, pollution affecting the health of nearby residents who are not involved in the polluting activity.
Drunk Driving
The act of operating a motor vehicle while the driver's ability to do so is impaired by the effects of consuming alcohol.
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