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Externalities

IB Definitions

TermDefinition
Allocative efficiency When the right amount of goods and services are produced from society's POV so that scarce resources are allocated in the best possible way. Price (P) is equal to marginal cost (MC), if marginal social benefit (MSB) is equal to marginal social cost (MSC).
Allocative inefficiency When either more or less than the socially optimal amount is produced and consumed so that misallocation of resources results. MSB is not equal to MSC.
Carbon (emissions) taxes Taxes levied on the carbon content of fuel. They are a type of Pigouvian tax.
Demerit goods Goods or services that not only harm the individuals who consume these but also society at large, and that tend to be overconsumed. Usually they are due to negative consumption externalities.
Direct taxes Taxes on income, profits or wealth paid directly to the government.
Externalities External costs or benefits to third parties when a good or service is produced or consumed. An externality arises when an economic activity imposes costs or creates benefits on third parties for which they are not compensated or do not pay for respectivel
Created by: Tyno
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