Externalities are the incidental effects that the activities or actions of one party have on another party. Positive externalities occur when the actions of a person or entity have a positive impact ...

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...

Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

Introductory-level economics uses supply and demand curves to identify the "ideal" price for a product, service or other economic activity. In Econ 101, these curves assume that the economy is working ...

There are differences between private returns or costs and the costs or returns to society as a whole Consumption, production, and investment decisions of individuals, households, and firms often ...