Examlex
The principles of guestology work better for serving guests than they do for serving customers of other kinds.
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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