An Externality Exists When the Cost or Benefit Resulting from Some

question 169

True/False

An externality exists when the cost or benefit resulting from some activity or transaction is experienced by parties external to the activity or transaction.

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Definitions:

Radcliffe-Brown

An influential British social anthropologist who was instrumental in the development of Structural Functionalism in sociology and anthropology.

Anthropologist

A professional engaged in the study of human societies, cultures, and their development.

Burial Rites

The ceremonies and practices performed in a particular culture to honor and remember the dead during their burial.

Prearranging

Arranging funerals in advance of need. This process can include selecting merchandise, planning the service, determining the method of viewing and final disposition, and selecting persons to be involved in the funeral.