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6 Cards in this Set
- Front
- Back
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Private Cost |
A cost borne by the individual taking the economic action. (supply) |
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Negative Externality / External Cost |
A cost of someone else's economic action borne by a third party. (Supply) |
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Social Cost |
The total sum of private and external costs for a particular economic actions. (Supply) |
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Private Benefit |
A benefit accruing to an individual as a result of an economic action that they have taken. (Demand) |
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Positive Externality / External Benefit |
A benefit accruing to a third party as a result of an economic action taken by someone else. (Demand) |
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Social Benefit |
The total sum of the private and external benefits for a particular economic action. (Demand) |
