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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is an externality?

To determine

Meaning of Externality.

Explanation

An externality occurs when there is an economic action which takes place upon the people. It can be positive or negative depending upon the economic activities.

The positive externality happens on account of the actions by the producers or the consumers. It is consumption or production which can cause a good effect on the third-party people. For example, creation of a park on account of new apartment been made. Another example is the beekeeper getting honey by allowing a good a source of nectar...

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