Question

Please think of one example of a product that you use on a regular basis for which some of the cost of production or consumption are externalized. Please explain.
What will be the long-term cost for or impact on society of this externalization?

Answer 1

Answer and explanation:

Externalized costs are costs that the society pays that are generated by producers and the consumers of the product. The common example is the use of petrol. If I own a car and I don't like riding bicyle for smaller distances, this means the Carbon dioxie emission caused due to me have to be born by the society. This means that the net effect would be a loss to society caused by the usage of products that are injurious to our ecosystem.

UK has targeted to achieve zero Carbon dioxide emission by 2050, which shows their commitment to social responsibility and we keep dumping things in the oceans because nobody acknowlegdes the damage caused by using plastic made products and also not recycling it. After plastic into the oceans the marine life suffers. The Carbon Dioxide emission is one of the main reasons why the glaciers are melting and many animals are dying annually. We unaware with our responsibilities to our society and love profits no matter if someone dies or get harmed by the operations of the company or using products that have greater externalized costs.

Answer 2

Answer:

Laptops (wrote this myself, not copied)

Explanation:

Laptops are ubiquitous in our everyday life. I couldn't even write this without one. The number of computer units shipped has increased from 135 million in 2000 to 355 million in 2011!  When a laptop becomes useless, it is usually disposed of.  Environmental Protection Agency estimates that only 38 percent of computers in 2009 by weight were recycled. A laptop can contain mercury, lead, chromium and other heavy metals that provide power. If these toxic elements ended up in a landfill, they could contaminate groundwater, surface water or the soil around the landfill.

Approximately 164 million people in the US own laptops. The amount of energy (electricity) needed to power these laptops contributes to the millions of tons of greenhouse gases that are transmitted into the environment.

Richard Mattison, CEO of the Trucost, part of S&P Global, stated, "Our analysis indicates that, on average, if nature charged for its services, the “true cost” of a desktop computer would be around 6 percent higher than the retail price, while the laptop would be 14 percent more expensive." In other words, if nature charged for its administrations, the "genuine expense" of a desktop, it would associate with 6 percent higher than the retail cost, while the laptop would be 14 percent more costly.