EXTERNALITIES
Externalities refers to everything that occurs outside of the price. There are two types of externalities; positive and negative. a negative externality is a cost of an activity that falls on people other than those who pursue the activity. where else a positive one is benefits of an activity recieved by people other then those who pursue the activity.

my example of externality is my brother's drumming. his in a band and practices at home almost everyday for hours. whenever he plays it rather inconvienent for the family. for example the tv volume has to be turned up louder then usual so that we are able to hear it. he would also lock the door and keeps the house phone inside the room with him, when the phone rings he wouldnt answer cause he cant hear it, this has cause us to miss some rather important phone calls. my brother's drumming is a negative externaltity because whenever he plays we have to pay the price!

chuan yu

Labels: externality

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