What Are Some of the Specific Services That May Be

question 25

Essay

What are some of the specific services that may be available under Medi-Medi?

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Definitions:

Private Cost

Private cost is the cost incurred by an individual or company in producing goods or services, excluding externalities.

External Benefit

A positive effect of a transaction or activity on a third party who did not choose to incur that benefit.

Externalities

Financial implications or effects that influence bystander third parties and may be either beneficial or harmful.

Incentives

Factors that motivate or encourage individuals to perform actions or make decisions.