b) Externalities

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Last updated 9:52 PM on 2/25/26
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5 Terms

1
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  • define externality

  • a spill over effect on a third party produced from the production or consumption of a good or service

2
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  • define a positive externality of consumption

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

3
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  • define a negative externality of consumption

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

4
New cards

  • define a positive externality of production

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

5
New cards

  • define a negative externality of production

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