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Running head: Assignment 2: Externalities Assignment 2: Externalities




Strayer University


Professor: Dr. Camille Castorina


Economic Problems & Issues


November 8, 2015 2 Assignment 2: Externalities




Introduction Externalities are considered the consequence of a commercial or business activity that has


a direct impact on other people or businesses without the cost of goods and services being


affected. According to relevant information covered in the textbook, "Externalities are


considered the benefits or costs incurred in the production or consumption of goods and services


that do not accrue to the production and consumption unit, but rather accrue to the remainder of


the society. Externality in consumption is considered a change in satisfaction, which can be


either positive or negative, for someone other than the direct consumer of an item. Externality in


production is considered the production of good or service leading the cost changes, either


positive or negative, in the production of other items. Externality in consumption, positive is an


increase in the satisfaction of one person caused by the consumption of a good or service by


another person; education, especially K?12, is said to create such externalities." [Sha13]


Positive externalities occur when the production or consumption of a good of service provides


third-party benefits. A negative externality occurs when the production or consumption of a good


or service provides a hardship to a third party.


Positive and Negative Externalities


The first example of externality from a negative standpoint is a city deciding to


implement and build a new highway. The external cost could be the elimination of a beautiful


landscape that society will no longer be able to enjoy. In addition, the new highway can also


have a private cost impact on the community through tolls and increased taxes. The government


would benefit from the highway being developed because it can collect more taxes. Society


would benefit because although the landscape would be no more, commutes to and from Assignment 2: Externalities 3 destinations in the local area would be more convenient because of the highway. The solution to


this negative externality can be for the government to utilize tax or toll money from the highways


to improve academics within public schools.


The second example of externalities from a positive standpoint is a local farmer who


grows oranges and provides benefit to the local grocery stores. The local grocery stores get a


quality local grown product to help increase revenue. The orange production provides a social


benefit to society which will be far greater than the farmer?s personal benefit. The government's


benefit would be that with the increase in revenue of local grocery stores, increased taxes can be


collected. Societies benefit would be that local oranges will be available for purchase at the local


grocery stores at a lower cost.


The third example of externalities from a positive standpoint is a student earning an


education from a strategic college. Although this is considered a private benefit, the student can


then use the education to help educate other people creating a social benefit. The government's


benefit would be that the student educated will go and gain employment and pay into the federal


tax system and stimulate the economy. Business organizations can benefit because this will be


one more educated person available for hire.




Just to recap the elements covered throughout this paper, externalities our benefits within


the production or consumption of goods and services. Externalities are an important element


within society. It can create incentives and benefits that people and businesses can embrace. I


consider it a fact that externalities are the impacts on society as a result of our actions as a whole. Assignment 2: Externalities


Externalities are a part of what people say and what they do. Externalities can help society to


bridge the gap between what is considered the best and worst benefit for people or community. 4 5 Assignment 2: Externalities




Sharp, A., Register, C., Grimes, P. (2013). Economics of Social Issues, 20th Edition.


[VitalSource Bookshelf Online]. Retrieved from


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