555420
| Question | Answer |
| Externalities | Costs or benefits that spill over to third parties external to a market transaction |
| Marginal private cost | The cost to an individual or firm of an economic transaction |
| Marginal external cost | The spillover cost to third parties of an economic transaction |
| Marginal social cost | The full cost to society of an economic transaction, including private and external costs |
| Marginal private benefit | The benefit to an individual or firm of an economic transaction |
| Marginal external benefit | A positive spillover effect to third parties of an economic transaction |
| Positive externality | A positive spillover effect to third parties of a market transaction |
| Marginal social benefit | The full benefit to society of an economic transaction, including private and external benefits |
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