8.11: Key Terms
- Page ID
- 215685
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)| Words (or words that have the same definition) | The definition is case sensitive | (Optional) Image to display with the definition [Not displayed in Glossary, only in pop-up on pages] | (Optional) Caption for Image | (Optional) External or Internal Link | (Optional) Source for Definition |
|---|---|---|---|---|---|
| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| additional external cost | additional costs incurred by third parties outside the production process when a unit of output is produced | ||||
| biodiversity | the full spectrum of animal and plant genetic material | ||||
| command-and-control regulation | laws that specify allowable quantities of pollution and that also may detail which pollution-control technologies one must use | ||||
| externality | a market exchange that affects a third party who is outside or “external” to the exchange; sometimes called a “spillover” | ||||
| international externalities | externalities that cross national borders and that a single nation acting alone cannot resolve | ||||
| market failure | When the market on its own does not allocate resources efficiently in a way that balances social costs and benefits; externalities are one example of a market failure | ||||
| marketable permit program | a permit that allows a firm to emit a certain amount of pollution; firms with more permits than pollution can sell the remaining permits to other firms | ||||
| negative externality | a situation where a third party, outside the transaction, suffers from a market transaction by others | ||||
| pollution charge | a tax imposed on the quantity of pollution that a firm emits; also called a pollution tax | ||||
| positive externality | a situation where a third party, outside the transaction, benefits from a market transaction by others | ||||
| property rights | the legal rights of ownership on which others are not allowed to infringe without paying compensation | ||||
| social costs | costs that include both the private costs incurred by firms and also additional costs incurred by third parties outside the production process, like costs of pollution | ||||
| spillover | see externality |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| external benefits, or positive externalities | beneficial spillovers to a third party of parties, who did not purchase the good or service that provided the externalities | ||||
| free rider | those who want others to pay for the public good and then plan to use the good themselves; if many people act as free riders, the public good may never be provided | ||||
| intellectual property | the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions | ||||
| nonexcludable | when it is costly or impossible to exclude someone from using the good, and thus hard to charge for it | ||||
| nonrivalrous | even when one person uses the good, others can also use it | ||||
| positive externalities | beneficial spillovers to a third party or parties | ||||
| private benefits | the benefits a person who consumes a good or service receives, or a new product's benefits or process that a company invents that the company captures | ||||
| private rates of return | when the estimated rates of return go primarily to an individual; for example, earning interest on a savings account | ||||
| public good | good that is nonexcludable and non-rival, and thus is difficult for market producers to sell to individual consumers | ||||
| social benefits | the sum of private benefits and external benefits | ||||
| social rate of return | when the estimated rates of return go primarily to society; for example, providing free education |