context of alcohol consumption

Question 1

externalities

Answer 1

health-related, social, economic

Question 2

internality

Answer 2

behaviour that imposes costs on a person in the long-run

Question 3

public policy

Answer 3

focusses on the protection of public goods, which markets don’t supply e.g. healthcare

Question 4

objectives to reduce alcohol consumption

Answer 4

1. reduce consumption
2. inform consumers of effects
3. ensure damages caused by alcohol consumption are paid for by those who consume it