b) Externalities

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5 Terms

1
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  • externality


  • when the production or consumption of a good or service causes a spill over effect on a third party


2
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  • positive externality of consumption


  • when consuming a good or service produces a positive spill over effect


3
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  • negative externality of consumption


  • when consuming a good or service produces a negative spill over effect


4
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  • positive externality of production


  • when producing a good or service produces a positive spill over effect


5
New cards

  • negative externality of production


  • when producing a good or service produces a negative spill over effect