External Costs Can Be Defined as

question 13

Multiple Choice

External costs can be defined as

• A)the difference between costs to the producer from production and the costs to society from the production of a good.
• B)the difference between the costs to society and the private benefits of production.
• C)the difference between the private costs of production and the private benefits of production.
• D)the difference between the marginal social costs and marginal benefits.

---

Definitions:

Economic Efficiency

A measure of how effectively economic resources are utilized to meet consumer needs and produce maximum output with minimum waste.

New Zealand's Labor Movement

A social and political movement in New Zealand advocating for workers' rights, better labor laws, and improvements in working conditions.

Independent Unions

Labor unions that are not affiliated with any national federation or labor organization, often focusing on specific workplace issues.

Board-Level Representation

Involvement of employees or their representatives at the highest level of organizational decision-making, typically through seats on the company board.