Identify and State the Historical Significance of the Following

question 100

Short Answer

Identify and state the historical significance of the following:
-boycott

---

Definitions:

Negative Externality

An adverse effect suffered by a third party as a result of an economic transaction in which they had no involvement.

Internalize

The process of incorporating the cost of externalities into the decision-making process of firms or individuals.

Marginal Social Cost

Marginal social cost is the total cost to society of producing an additional unit of a good, including both private costs and any external costs.

External Costs

Costs incurred as a result of an economic activity that are not borne by the entities undertaking the activity but rather by other parties or society at large.