Examlex
International trade will ______ the price of a nation's abundant resources and _____ the price of a nation's scarce resources
Negative Externalities
Costs suffered by a third party due to an economic transaction that they were not directly involved in, often leading to market failure.
Social Cost
The total cost to society as a whole, including both the private costs borne by individuals and the external costs to others not involved in the transaction.
Private Costs
The costs that are incurred by an individual or a company when producing goods or services.
Bystanders
Individuals who are present at an event or incident but do not take part in it, often discussed in the context of emergency situations or accidents.
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