Externalities, merit and demerit goods and public, quasi public and private goods

1. What are social costs?

Social costs are all the related costs associated with an action, both private and external costs.
Social costs are the external cost and marginal private benefit of an action.
Social costs are both cost that affect first parties (society) and third parties (consumers/firms)

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Private costs are cost which are paid for by society (third party)
Private costs are costs which are paid for by an individual economic unit e.g. consumer/firm (first party)
Private costs are costs which are paid for by an individual economic unit e.g. consumer/firm (third party)

Comments

Report Sun 27th January, 2013 @ 22:14

very good quiz!

Report Fri 13th December, 2013 @ 09:58

This 10 question quiz can be used to provide a brief respite from intensive reading and highlight areas for further study.

Report Wed 26th February, 2014 @ 18:12

(y)

Report Thu 3rd March, 2016 @ 15:06

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