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In economics, an externality is an impact on any party not directly involved in an economic decision. An externality occurs when an economic activity causes external costs or external benefits to third party stakeholders who cannot directly affect an economic transaction. In other words, the producers and consumers in a market either do not bear all of the costs or do not reap all of the benefits of the economic activity. For example, manufacturing that causes air pollution imposes costs on others, while planting forests (rather than other agricultural activities) would improve the water quality of those downstream.

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Wikipedia About External

In economics, an externality is an impact on any party not directly involved in an economic decision. An externality occurs when an economic activity causes external costs or external benefits to third party stakeholders who cannot directly affect an economic transaction. In other words, the producers and consumers in a market either do not bear all of the costs or do not reap all of the benefits of the economic activity. For example, manufacturing that causes air pollution imposes costs on others, while planting forests (rather than other agricultural activities) would improve the water quality of those downstream.

In a competitive market, the existence of externalities would mean that either too much or too little of the good would be produced and consumed in terms of overall cost and benefit to society. If there exist external costs (negative externalities) such as pollution, the good will be overproduced by a competitive market, as the producer does not take into account the external costs when producing the good. If there are external benefits (positive externalities) such as in areas of education or public safety, too little of the good would be produced by private markets as producers and buyers do not take into account the external benefits to others. Here, overall cost and benefit to society is defined as the sum of the economic benefits and costs for all parties involved.

Implications

Standard economic theory implies that any voluntary exchange is mutually beneficial to both parties involved in the trade. This is because if either the buyer and the seller would not benefit from the trade, they would refuse it. An exchange however, can result in additional effects on third parties. From the perspective of those affected, these effects may be negative (pollution from a factory), or positive (honey bees that pollinate the garden). Welfare economics has shown that the existence of externalities result in outcomes that are not socially optimal. Those who suffer from external costs do so involuntarily, while those who enjoy external benefits do so at no cost.

A voluntary exchange may actually reduce societal welfare if external costs exist. The person who is affected by the negative externality in the case of air pollution will see it as lowered utility: either subjective displeasure or potentially explicit costs, such as higher medical expenses. The externality may even be seen as a trespass on their lungs, violating their property rights. Thus, an external cost may pose an ethical or political problem. Alternatively, it might be seen as a case of poorly-defined property rights, as with, for example, pollution of bodies of water that may belong to no-one (either figuratively, in the case of publicly-owned, or literally, in some countries and/or legal traditions).

An external benefit, on the other hand, would increase the utility of third parties at no cost to them. Since collective societal welfare is improved, but the providers have no way of monetizing the benefit, less of the good will be produced than would be optimal for society as a whole. Goods with positive externalities include education (believed to increase societal productivity and well-being; but controversial, as these benefits may be internalized), health care (which may reduce the health risks and costs for third parties for such things as transmittable diseases) and law enforcement. Positive externalities are frequently associated with the free rider problem. For example, individuals who are vaccinated reduce the risk of contracting the relevant disease for all others around them, and at high levels of vaccination, society may receive large health and welfare benefits; but any one individual can refuse vaccination, still avoiding the disease by "free riding" on the costs borne by others.

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Mac OS X 10.5 Leopard Essential Training: External hard drives and ...

Consumer Electronics NetWith the release of the Leopard operating system for Macs, Apple has added or updated more than 300 features. In Mac OS X 10.5 Leopard Essential Training, Macworld senior editor Christopher Breen explores each of Leopard's vital features. He walks ... http://www.consumerelectronicsnet.com/articles/viewarticle.j...

The Home Front

Egypt TodayThe Coptic issue will only become more complicated by discussing it abroad, internationalizing it and arousing external forces against [Egypt],” claims Asaad, who is always accused by the Coptic diaspora of flirting with the regime. His theory is ... http://www.egypttoday.com/article.aspx?ArticleID=6070

Jetro holds L.A. shorts contest

VarietyMore Articles: TOKYO -- The Japan External Trade Organization (Jetro), a Japanese government trade promotion org, will join with United Television Broadcasting Systems (UTB), an L.A.-based Japanese-language broadcaster, to present an unusual ... http://www.variety.com/article/VR1117993853.html?categoryid=...

PDP, Hurriyat slam Zardari

Times of IndiaSRINAGAR: India's minister of state for external affairs welcomed Pakistan president Asif Ali Zardari's statement that Kashmiri militants are terrorists, but Kashmiri political parties reacted sharply. "President Zardari's statement describing ... http://timesofindia.indiatimes.com/India/PDP_Hurriyat_slam_Z...

Turkish banks face narrower credit channels-c.bank

ReutersANKARA, Oct 6 (Reuters) - Central Bank Governor Durmus Yilmaz said on Monday Turkish banks were facing narrower credit channels due to the global credit crisis, but said they faced no difficulty in renewing external loans. Yilmaz told NTV broadcaster ... http://www.reuters.com/article/marketsNews/idUSANK0004582008...

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External IT: The Outsourced IT Department

External IT, an American outsourcing firm, provides enterprises with strategic IT outsourcing in order to eliminate the need for an internal IT department or unburden your existing ... http://www.externalit.com/

external definition - Dictionary - MSN Encarta

ex·ter·nal [ ik stúrn'l] adjective : Definition: 1. outside: situated on, happening on, or coming from the outside external forces: 2. for use on outside: suitable or designed ... http://encarta.msn.com/encnet/features/dictionary/Dictionary...

External Research Support

USGS Earthquake Hazards Program, responsible for monitoring, reporting, and researching earthquakes and earthquake hazardshttp://earthquake.usgs.gov/research/external/

Seagate Technology - External Drive Troubleshooter - Windows Error ...

Windows Error Messages - Common External Drive Errors ... Note: The USB connectors of the Maxtor One Touch III Mini cables are not labeled.http://www.seagate.com/ww/v/index.jsp?locale=en-US&name=Exte...

EXTERNAL TANK

Features extract from the shuttle reference manual.http://science.ksc.nasa.gov/shuttle/technology/sts-newsref/e...
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Answers for External

lacosteWhat is the difference between the following external hard drives?lacosteThe 2.5 is the size of a laptop hard drive, the other the size of a PC hard drive. Either one should work. Why do you keep asking the same question over & over?EricMy external hard drive made my laptop crash and not start. Any ideas on how to help?EricSome drives will only work properly if you start the computer first, then plug the drive in after the computer is finished booting. It also may not be compatible with the new operating system. Che...DexionWhat external enviornmental aspects would affect production of a retail chain like target?DexionI don't know as though this is environmental but if more people were educated about all the holidays and the truth about where they originated they would loose allot of money at Holiday time. Like Jeh...nikeswooshinWhat external harddrive for mac and windows?nikeswooshinYou can use pretty much any USB/firewire external hard drive with a mac and a pc but you have to make sure that you format it correctly. There are PC two formats that your PC and Mac use: NTFS FA...Bryan BWhat external dvd burners will work for macintosh computers?Bryan BThere are some burners out there. You should get one that matches the format of your native burner. This is found in the 'About this Mac - More info' The burners are called +R or -R. You might as wel...
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