externalities key terms 0.0 / 5 ? EconomicsMarket failureA2/A-levelEdexcel Created by: ellesanttCreated on: 27-01-21 14:00 private costs the cost to an individual economic unit such as an individual or firm 1 of 11 social costs the cost of an activity to society as whole 2 of 11 private benefit the benefit of a activity to an individual 3 of 11 social benefit the benefit of an action to society as a whole 4 of 11 externalities the differnce between social costs and benefits and private costs and benefits 5 of 11 free rider problem a person or organisation which receives benefits others have worked for without contributing anything themselves. 6 of 11 merit goods a good which is under proved by the marketing mechanism 7 of 11 private goods a good where consumption is good by one person results in it not being able to others eg. mars bars 8 of 11 public goods a good where its consumption doesn't limit its availability for consumption to others eg. slides 9 of 11 demerit good a good which is over provided by the marketing mechanism 10 of 11 quasi - public good a good which may not possess perfectly the characteristics of being non-excusable but which is non rivalry 11 of 11
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