Question

What economic concept is applied in this statement? In other words, you are not only protecting your own child by getting her vaccinated, you are protecting other children—and adults too. equilibrium law of demand law of supply negative externality positive externality

Answer 1

I believe the answer is: positive externality

Positive externality refers to The benefit that enjoyed by a third party when the first and second party are conducting a transaction.

When you receive a vaccines, you prevent yourself from becoming a host that could contaminate other people from getting the virus. In the example above, you and your children are the first and second party. And other children are the third party.

Answer 2

Positive externality - a benefit that is enjoyed by a third-party as a result of an economic transaction. Third-parties include any individual, organisation, property owner, or resource that is indirectly affected.