Examlex
What is meant by change management?
Internalize Externalities
The process by which a firm takes into account the external costs or benefits of its activities, typically by incorporating them into its pricing structure.
Negative Externalities
Costs suffered by a third party as a result of an economic transaction, such as pollution caused by industry, which are not reflected in the market prices.
Positive Externalities
Benefits that result from a transaction or activity and affect others not directly involved in the transaction or activity.
Marginal Social Cost
The total cost society bears for the production of an additional unit of a product, including both private and external costs.
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