b) Externalities
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Last updated 11:35 PM on 1/18/26
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5 Terms
1
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define externality
a spill over effect on a third party produced from the consumption or production 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 spillover effect
3
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define a negative externality of consumption
when consuming a good or service produces a negative spillover effect
4
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define a positive externality of production
when producing a good or service produces a positive spillover effect
5
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define a negative externality of production
when producing a good or service produces a negative spillover effect
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