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question 84

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Definitions:

Private Benefits

The gains or advantages that accrue directly to an individual or firm from an economic transaction or activity, not affecting others not involved in the transaction.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often associated with production or consumption of goods and services.

Property Value

The market worth of real estate, influenced by factors such as location, amenities, and the condition of the property.

External Cost

A cost that is not borne by the parties to an economic transaction, often affecting third parties who did not choose to incur that cost.