Examlex
Why is public relations important in communicating information about a company? Discuss negative public relations, and give an example.
Externality
An outcome from economic actions affecting external third parties not related to the activity, which could be either advantageous or detrimental.
Market
A system or an area where buyers and sellers interact to trade goods, services, or financial instruments.
Positive Externality
A benefit gained by a third party not directly involved in a transaction or activity, where the social or economic gain is not reflected in the market price.
Social Planner
A theoretical decision-maker in economics who aims to achieve optimal outcomes for society by considering the allocation of resources and distribution of goods and services.
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