This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Marginal private costs Benefits that are enjoyed by people other than the producers or consumers of a product. External Benefits Goods or services whose benefits are not affected by the number of users and from which no one can be excluded. Public Goods The additional costs to both the producer (internal costs) and society (external costs) of producing additional quantities of a product. Marginal social costs Benefits or costs of a product experienced by people who neither produce nor consume that product. Externalities 04:29 04:29...
View Full Document
This note was uploaded on 04/20/2010 for the course PSYCH 213 taught by Professor Allen during the Spring '10 term at Langara.
- Spring '10