Term
| Private cost of production |
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Definition
| cost that is borne by the producer of a good or service |
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Term
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Definition
| cost of producing an additional unit of a good or service |
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Term
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Definition
| cost of producing an additional unit of a good or service that is borne by the producer of that good or service |
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Definition
| cost of producing a good or service that is not borne by the producer but borne by other people |
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Definition
| What someone other than the producer of a good or service must give up when the producer makes one more unit of an item. |
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Term
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Definition
marginal cost incurred by the entire society (by the producer and by everyone else, the sum of marginal private cost and marginal external cost)
MSC=MC+MARGINAL EXTERNAL COST |
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Definition
| legally established titles to the ownership use and disposal of factors of production and goods and services that are enforceable in the courts |
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Definition
| a technology that reduces or prevents pollution |
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Term
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Definition
| the proposition that if property rights exist and the costs of enforcing them are low, then the market outcome is efficient and it doesn't matter who has the property rights. |
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