Question

Which term describes the individual use of products that can lead to externalities?

Answer 1

The term which describes the individual use of products that can lead to externalities is "consumption externalities."

What is consumption externalities?

There may be possible costs and advantages experienced by other parties who were not engaged in a transaction that when an individual investor or party engages in some transaction, such as using a good or service. They are referred to as externalities.

There are two types of externalities, which are-

1. The positive externality is really an unintended advantage gained by a third party as a result of the creation or use of a commodity by another party. Positive externalities show that the societal advantages of creating or consuming products outweigh the individual advantages to third parties.
2. The negative externality would be an indirect expense incurred by a third party as a result of the creation or use of a product by another party. Negative externalities show that the societal costs are greater than the private costs to third parties.

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