What Is the Externality for the Following Description

question 4

Short Answer

what is the externality for the following description.
-Vaccines have a direct health benefit on others by reducing their chances of ill health, and they are not being compensated in the private market; therefore, these activities should be subsidized.

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Definitions:

Buyer

An individual or organization that purchases goods or services from a seller for money or its equivalent.

Consumer Surplus

The discrepancy between what consumers anticipate paying for a good or service and the actual cost they bear.

International Trade

The exchange of goods and services between countries, which can increase market competition and lead to better product diversity and lower prices.

World Price

The global market price of a good or service when it is traded internationally.