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:
The President is both the head of state and head of government of the United States of America, as well as Commander-in-Chief of the armed forces. Under Article II of the Constitution, the President is responsible for the execution and enforcement of laws created by Congress.
Answer:
In Rome, Augustus was a hero. In 31 BC, he became Rome's first emperor. The transformation from republic to empire was complete.
Explanation:
As compared to the cities of Western Europe, Constantinople, during the early Middle Ages (500-1000 A.D.), enjoyed greater prosperity.
