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Briefly Explain What Is Meant by the Term "Externality" and How

question 72

Essay

Briefly explain what is meant by the term "externality" and how it occurs.


Definitions:

Creditors

Individuals or entities that lend money or extend credit to others.

Chapter 13

A type of bankruptcy in the United States that allows individuals with a regular income to develop a plan to repay all or part of their debts.

Payment Plan

An agreement to pay off a debt over a set period of time in scheduled installments.

Debtors

Individuals or entities that owe money to others.

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