Answer:
Among the options given on the question the correct answer is option B.
the effect of an economic transaction on someone outside of the transaction
Explanation: The externality is an economic term which means a cost or benefit received by the third party who are not involved in the activity. The externality can be both positive and negative.It can stem both from production and consumption. Moreover, the affect can be private meaning that an individual or organization, else public.
The given option which says that the effect of an economic transaction on someone outside of the transaction defines the externality. Because the person who has the effect of the transaction is not involved in the transaction.
Therefore, the option C is the correct answer.
Answer:
Humanity originated in Africa, and as soon as human societies existed they began to engage in economic activities. The earliest humans were hunter-gatherers who lived in small family groups. Even then there was considerable trade that could cover long distances. Archaeologists have found evidence that the trade in luxury items such as precious metals and shells occurred throughout the entire continent. This is how the economic history of Africa begins to be recorded.
African economic history often focuses on explanations of poverty and obscures other aspects such as the achievements of African farmers, traders, and states, including improvements in food security and episodes of economic growth. [1]