Externalities
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6 Terms
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negative externalities
exist when the social costs of an economic action are greater than the private costs and lead to a net welfare loss
2
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Social costs
private costs + external costs
3
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Positive externalities
exist when the social benefits of an economic action are greater than the private benefits
4
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social benefits
private benefits + external benefits
5
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Negative externalities diagram
6
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Positive externalities diagram
Note 
Flashcards (59)