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Private Value
The estimate of worth that an individual or company assigns to an asset, good, or service, reflecting personal assessments rather than market-driven prices.
Social Cost
The total cost to society, including both private and external costs, of producing a good or service.
Private Cost
The costs directly incurred by individuals or companies involved in conducting an economic activity, excluding any external effects on others.
External Cost
A cost of a transaction that affects someone who did not choose to incur that cost, often associated with negative side effects of economic activities not reflected in market prices.
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