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Microeconomics Year 1 > 3.1.5.4 Positive and negative externalities in consumption and production > Flashcards

3.1.5.4 Positive and negative externalities in consumption and production Flashcards

1
Q

What is a negative externality?

A

Divergence between private and social costs e.g. driving causes congestion and pollution.

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2
Q

What is a positive externality?

A

Divergence between private and social benefits e.g. consumption of solar panels.

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Microeconomics Year 1 (6 decks)

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