Related articles:
Public good
Pollution
Market failure
Moral hazard
Pigovian tax
Environmental economics
Welfare economics
Supply and demand
Coase theorem
Tragedy of the commons
Milton Friedman
Network effect
Key terms:
costs
benefit
externalities
pollution
curve
buying
welfare
vaccination
external costs
impose
social cost
societal
bees
marginal social
external benefits
quantity q
price p
inefficient
economists
beneficial
positive externality
logger
refuse
transaction
negative externality
costs and benefits
competitive market
third parties
smallpox
parties involved
society as a whole
private cost
pigovian tax
marginal private
coase theorem
better off
too little
free market
demand curve
moral hazard
take into account
nuclear waste
air pollution
marginal social benefit
market failure
marginal social cost
all parties involved
less than the marginal
government intervention
problem of externalities
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