Scenario 11-3 Consider the Following Goods

question 70

Essay

Scenario 11-3
Consider the following goods:
• a fish fillet served at a restaurant
• fish in the ocean
• exotic fish in a huge aquarium in a privately-owned building
-Refer to Scenario 11-3. Do any of these goods cause an externality? If so, which one(s)? Positive or negative? Briefly explain.

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Definitions:

Feudal Domain

Land controlled by a lord under the feudal system, where peasants were obligated to render services in exchange for protection and the right to cultivate land.

Roger Williams

A Puritan minister in the early 17th century, founder of Rhode Island, and an advocate for separation of church and state and religious freedom.

Rhode Island

The smallest U.S. state by area, known for its sandy shores and seaside colonial towns, and a significant history of early religious tolerance and political independence.

Puritans

A religious group from the 16th and 17th centuries known for their desire to "purify" the Church of England and live according to their strict moral codes.