externalities Flashcards

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1
Q

what does externalities means?

A

a effect to a third side from the production or consumption of a good

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2
Q

what is external costs?

A

a negative effect (externalities)

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3
Q

what is external benefits ?

A

a positive effect (externalities)

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4
Q

What are the examples of a negative externalities?

A

pollution, congestion and environmental damage

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5
Q

What are the examples of a positive externalities?

A

education, healthcare and vaccinations

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6
Q

what is the formula of social costs?

A

social costs= private costs + external costs

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7
Q

what is the formula of social benefit?

A

social benefit = private benefit + external benefit

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8
Q

which type of goods is it?

A

Free goods​, Private goods, Public goods and Quasi-public goods

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9
Q

what does free goods mean?

A

product that is available for everyone in great quantity that they want

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10
Q

what the demerit products is?

A

products that bad for people but the are over-consumed

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11
Q

what the merit products is?

A

products that benefit for people but they are under-consumed

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