Asked by Botle Jacqueline on Jun 23, 2024
Verified
When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n)__________ _________.
Third Party
An entity involved in a transaction besides the two main parties; in insurance, the person other than the policyholder and the insurer who may be affected by or have a claim against the policy.
Costs
The amount that must be paid or spent to buy or obtain something.
Compensation
Payment or benefits received for services rendered or damages incurred; often used in the context of employment.
- Explain the significance of external costs and their impact on the environment.
Verified Answer
A_
Learning Objectives
- Explain the significance of external costs and their impact on the environment.