Externalities

mavina
Flashcards by mavina, updated more than 1 year ago
mavina
Created by mavina over 7 years ago
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Description

A Levels Economics Flashcards on Externalities, created by mavina on 02/17/2014.

Resource summary

Question Answer
Externalities Costs or benefits that spill over to third parties external to a market transaction
Marginal private cost The cost to an individual or firm of an economic transaction
Marginal external cost The spillover cost to third parties of an economic transaction
Marginal social cost The full cost to society of an economic transaction, including private and external costs
Marginal private benefit The benefit to an individual or firm of an economic transaction
Marginal external benefit A positive spillover effect to third parties of an economic transaction
Positive externality A positive spillover effect to third parties of a market transaction
Marginal social benefit The full benefit to society of an economic transaction, including private and external benefits
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