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Non-Competitive Markets

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 Non-Competitive Markets Chapter

Define microeconomics.

Distinguish between microeconomics and macroeconomics.
Give an example of showing the difference between microeconomics and macroeconomics.

National Income (NI)

Final Goods and Intermediate Goods

Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.

Consumption Goods and Capital Goods

Flow and Stock Concepts

Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.

Gross Investment and Net Investment

Domestic (Economic) Territory

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