06.03 how do externalities affect you?

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old windows, hut, wooden cottage @ Pixabay

Do you ever wonder how externalities affect your life?

Well, they are all around us!

An externality is a cost or benefit that affects someone who didn’t directly cause the action.

There are many different types of externalities, and it’s important to understand them so that we can make better decisions for ourselves and our planet.

In this post, we’ll talk about six different types of externalities: public goods, common resources, congestion costs, crime prevention benefits from policing efforts, environmental damages from production processes and congestion costs.

These are just six examples of the multitude of ways in which an externality could affect you! Externalities:

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alpine, rocks, see @ Pixabay

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