GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Define externality
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things needed to create goods or services
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place where goods and services are bought and sold for a price
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Results of making things whose values and limitations do not change the price of goods and services they produce
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place needed to produce goods, but cannot be destroyed
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Explanation:
Detailed explanation-1: -An externality is a cost or benefit of an economic activity experienced by an unrelated third party. The external cost or benefit is not reflected in the final cost or benefit of a good or service.
Detailed explanation-2: -An externality stems from the production or consumption of a good or service, resulting in a cost or benefit to an unrelated third party.
There is 1 question to complete.