Externalities - An externality is such type of outcome which is not directly incureed by the producer but its consequences are incurred by society as a whole. The externalities can be negative as well as positive.
Negative externality- A externality that has a negative and harmful effect on society, as well as firms, are called negative externalities.
- For eg., A firm polluting the environment to save the cost of production will have negative consequences on society as a whole.
Positive externality - An outcome of the decisions and execution of a company that has led to positive consequences for both company and the society.
- For eg., the perfect example of positive externalities is the research and development work of any company. The research and development benefits not only the company to enhance its efficiency but it also benefits society by gaining the knowledge from the research, employment from work, etc,
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Roads were nothing more than dirt paths that were dry and dusty during the summer and muddy during the winter
-historylink101.com (Travel by Land in Ancient Greece)
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The chasquis(messangers) were trained to be able to read and translate the quipus to each other and higher authorities. They also transported goods at high speeds.
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Tecumseh was an esteemed leader, a powerful chief, and a gifted orator. His death dismantled his pan-Indian alliance in the Northwest Territory. Without Tecumseh to lead them, most remaining Native Americans in the region moved to Indian reservations and ceded their land.
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Unless otherwise provided by Parliament, 6 senators are delegated from each state. Parliament has the right to enact laws to increase or decrease the number of senators from each state, but so that all original states are represented in equal numbers and there are at least 6 senators from each state.
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