Externality: What It Means in Economics, With Positive and Negative Examples
By A Mystery Man Writer
Description
An externality is an economic term referring to a cost or benefit incurred or received by a third party who has no control over how that cost or benefit was created.
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What is the tragedy of the commons? What types of market failures are there? Why might it be necessary for governments to intervene in the face of market failures? What are some
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