Examlex
How do consumption possibilities differ between a situation of no trade and a situation of trade?
External Benefits
Positive effects of a product or service that are enjoyed by people other than those who directly use or consume the product or service.
Private Benefits
The direct advantages or gains accruing to an individual or organization from their economic actions, excluding wider societal impacts.
Producer Surplus
The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive in the market.
Externality
A cost or benefit from production or consumption that accrues to someone other than the immediate buyers and sellers of the product being produced or consumed (see negative externality and positive externality).
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