Define "Externality

question 20

Essay

Define "externality." Give an example of an external cost. Explain why resources will not be allocated efficiently if externalities are present. How can the problem of externalities be addressed?

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Definitions:

Flatter Organizational Structures

An organizational model with fewer hierarchical levels, intended to promote better communication and faster decision-making.

Management Functions

Management functions encompass planning, organizing, leading, and controlling organizational resources to achieve strategic goals.

Training And Development

A systematic approach to enhancing the knowledge, skills, and competencies of employees to improve organizational effectiveness.

Human Capital

Human capital represents the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or contribution to an organization.