Difference between revisions of "Social costs"
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Latest revision as of 21:42, 2 June 2020
Social costs are those costs that include both the private costs incurred by firms and also costs incurred by third parties outside the production process, like costs of pollution.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Social costs. Costs that include both the private costs incurred by firms and also costs incurred by third parties outside the production process, like costs of pollution.
