Externalities Are Created When Parties Not Involved in an Economic

question 216

True/False

Externalities are created when parties not involved in an economic transaction are affected by it.

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Definitions:

Cultural Standards

The shared norms and values that define acceptable and desirable behavior within a particular society or community.

Process of Socialization

The process through which individuals learn and adapt to the norms, values, behaviors, and social skills necessary to interact within their society.

Socialization

The process by which individuals learn and adopt the norms, customs, values, and behaviors appropriate to their society or specific social group.

Secondary Socialization

Is socialization outside the family after childhood.