Microeconomics: Externalities - Assignment Essays %

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allocative

answer

system of dividing expenses and incomes among branches, departments, etc. of a business

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efficient

answer

performing and functioning in the best time or effort, using skills

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externalities

answer

benefits or costs the accrue to the same third party that is external to the market transaction.

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accrue

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to grow or gain more; added

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"spill over to"

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when externality occurs of some costs or benefits of a good are passed on

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negative externalities

answer

(production/cost) supply
production ir consumption costs inflicted on a third party without compensation

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compensation

answer

somethinf given or recieved as an equivalent for services, debt, loss, injury, lack, etc.

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example of negative externalities

answer

the enviromental pollution: causes equilibrium is too much and resources are being produced too much which is overallocated

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positive externalities

answer

(community/consumers) demand
spillover production or consumption benefits conferred on third parties without compensation from them.

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conferred

answer

to consult, to compare together

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example of positive externalities

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education and vaccination: because euqilibrium is less than the output in which fails to produce enough vaccination and resources are underallocated to this product

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coase theorem

answer

As long as bargaining costs are low, an efficient solution to the externalities is achieved

1 of 12

question

allocative

answer

system of dividing expenses and incomes among branches, departments, etc. of a business

question

efficient

answer

performing and functioning in the best time or effort, using skills

question

externalities

answer

benefits or costs the accrue to the same third party that is external to the market transaction.

question

accrue

answer

to grow or gain more; added

question

"spill over to"

answer

when externality occurs of some costs or benefits of a good are passed on

question

negative externalities

answer

(production/cost) supply
production ir consumption costs inflicted on a third party without compensation

question

compensation

answer

somethinf given or recieved as an equivalent for services, debt, loss, injury, lack, etc.

question

example of negative externalities

answer

the enviromental pollution: causes equilibrium is too much and resources are being produced too much which is overallocated

question

positive externalities

answer

(community/consumers) demand
spillover production or consumption benefits conferred on third parties without compensation from them.

question

conferred

answer

to consult, to compare together

question

example of positive externalities

answer

education and vaccination: because euqilibrium is less than the output in which fails to produce enough vaccination and resources are underallocated to this product

question

coase theorem

answer

As long as bargaining costs are low, an efficient solution to the externalities is achieved

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