1.3.5 Positive and negative externalities
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7 Terms
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Private benefits
Benefit, satisfaction or utility that an economic agent gets from consuming/producing
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External benefits
Positive effect on the wellbeing of a third party
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Social benefits/costs
Private benefits/costs + External benefits/costs
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Private costs
Costs faced by the consumer/producer directly involved in the transaction
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External costs
Negative effect on the wellbeing of a third party
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Diagram of external benefits of consumption
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Diagram of external costs of production
Note 
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