____ Can Be Defined as the Study of What a Group

question 9

Multiple Choice

____ can be defined as the study of what a group of people understand to be good and right behavior and how people make those judgments.

• A) Values
• B) Morals
• C) Ethics
• D) Standards

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Definitions:

Positive Externalities

Benefits enjoyed by third-party individuals or the society at large, which result from an economic activity but are not reflected in the market prices.

Negative Externality

An external effect of a product or activity that imposes a negative impact on a third party or the environment.

Internalize

The process of taking into account the external effects of economic actions, such as externalities, within the decision-making process.

Noise Pollution

Unwanted or harmful outdoor sound created by human activities, such as transportation, industrial, or recreational activities.