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econ-Journal11 - Duc Hoang Journal Assignment#1 October 3...

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Duc Hoang – Journal Assignment #1 October 3, 2008 Externality is becoming more and more popular today when private firms keep developing private goods, which are supposed to be beneficial to only the people who buy them due to their rivalry and excludability characteristics. However, it is no possible to limit the benefit and costs of these goods when each individual shares their workplaces and living areas. Private products might have negative externalities, positive externalities or usually both. This journal entry will give examples about those which are considered to be essential to the society, but have negative externalities. Cars and trucks play a considerably important role in transportation today as they, in most states where public transport is insufficient, are the only choice for people to travel, to get to work and so on. Those means of transport, however, help rising the environment pollution everyday by emitting a great amount of CO2 and noise. Cars’
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