Visual 3
DEFINITIONS
| MARKETS: |
Any situation in which
buyers and sellers can exchange goods and services. |
| BUYERS: |
People who purchase a
product. |
| SELLERS: |
People who sell products
to buyers. |
| NEGATIVE EXTERNALITIES: |
Actions that impose costs
or harm on nonconsenting individuals. Victims of accidents caused
by drunk drivers are examples of noncosenting individuals who are harmed
by the actions of an alcohol buyer and an alcohol seller. |
From United States History: Focus on Economics, National
Council on Economic Education, New York, N.Y.
Prohibition then, MADD today: Economics Lesson
|