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National Income Accounting

Question

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What is meant by externalities?

Solution

Externalities refer to good and bad impact of an activity by a firm or an individual caused to others for which no price or penalties is paid.

Some More Questions From National Income Accounting Chapter

Briefly explain the following basic concepts related to NI:
National Income (NI).

Briefly explain the following basic concepts related to NI:
Final Goods and Intermediate Goods.

Briefly explain the following basic concepts related to NI:
Consumption Goods and Capital Goods

Briefly explain the following basic concepts related to NI:
Flow and Stock Concepts

Briefly explain the following basic concepts related to NI:
Gross Investment and Net Investment

Briefly explain the following basic concepts related to NI:
Domestic (Economic) Territory

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).

Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)

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