Answer:
What do pollution, education, and your neighbor's dog have in common?
No, that's not a trick question. All three are actually examples of economic transactions that include externalities.
When markets are functioning well, all the costs and benefits of a transaction for a good or service are absorbed by the buyer and seller. For example, when you buy a doughnut at the store, it's reasonable to assume all the costs and benefits of the transaction are contained between the seller and you, the buyer. However, sometimes, costs or benefits may spill over to a third party not directly involved in the transaction. These spillover costs and benefits are called externalities. A negative externality occurs when a cost spills over. A positive externality occurs when a benefit spills over. So, externalities occur when some of the costs or benefits of a transaction fall on someone other than the producer or the consumer.
Explanation:
Answer:
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.. After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan ...
Explanation:
First, technology is typically the most important contributor to U.S. economic growth.
Yes, it still apply.The Amendment's Double Jeopardy Clause within the fifth amendment provides the right for defendants to be tried only once in federal court for the same offense, no matter what the situation is. This even includes The failure of the Grand Jury in issuing formal charges.
Answer: As a result, more products can be produced at a lower cost, and with faster turnaround times; this can increase the company's profits. As labor becomes more efficient, this increased efficiency nationwide leads to economic growth for the entire country and a higher nationwide GDP.
