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Running head: Assignment 2: Externalities Assignment 2: Externalities

 

XXXXX

 

Strayer University

 

Professor: Dr. Camille Castorina

 

Economic Problems & Issues

 

November 8, 2015 2 Assignment 2: Externalities

 

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.

 

Conclusion

 

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

 

References

 

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

 

[VitalSource Bookshelf Online]. Retrieved from

 

http://bookshelf.vitalsource.com/#/books/0077823044/

 


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