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VOCAB Chapter 10

Externalities

TermDefinition
Externality The uncpmpensated impact of one person's actions on the well-being of a bystander.
Positive externality A situation when a person's actions have a beneficial impact on a bystander.
Negative externality A situation when a person's actions have an adverse impact on a bystander.
Social cost The sum of private costs and external costs.
Internalizing an externality Altering incentives so that people take into account the external effects of their actions.
Coase theorem The proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own.
Transaction cost The costs that parties incur in the process of agreeing and following through on a bargain.
Corrective tax A tax designed to induce private decision makers to take into account the social costs that arise from a negative externality.
Created by: jessjeanarnold
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