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Private and social effects

Private and social effects

An externality is a cost or benefit affecting a third party who is not directly involved in the market transaction. It creates a difference between private costs or benefits and the full costs or benefits to society.

7.4.4 positive and negative externalities of both consumption and production Lesson

  1. Intl A Level
  2. /Economics
  3. /7.4.4 positive and negative externalities of both consumption and production

Step-by-step lessons on CIE Intl A Level Economics 7.4.4 positive and negative externalities of both consumption and production. Each one builds up to exam-style questions.

Lessons