Examlex
According to the Job Characteristics Model, which of the following outcomes occurs when employees do meaningful work, have high levels of responsibility, and are knowledgeable about the outcomes of their work?
External Cost
A cost that a transaction or activity imposes on a party who is not involved in the transaction, often not reflected in market prices.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often associated with environmental, health, and safety concerns of public and private actions.
Positive Externality
A benefit that is enjoyed by a third-party as a result of an economic transaction.
Negative Externalities
Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.
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