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What are externalities? Give an example …

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What are externalities? Give an example of a positive externality and it's impact on welfare of the people

Posted by Abishek Bhujel 3 years, 10 months ago

CBSE > Class 12 > Economics

1 answers

Sia ? 3 years, 10 months ago

An externality is said to occur when the actions of one entity bears an impact on other entities. These externalities can be positive as well as negative. A positive exeternality is when the action of one person positively affects the others. For instance, plantation by a person fresh air to the neighbours.
Also it contributes to the environment and at the same time, increases the welfare of the neighbours.
Thus plantation by a person affects the life of the people living in the surrounding areas; it enhances the overall welfare of the society and positive exeternality

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