i<Tab/>Externalities are costs or benefits of production or consumption experienced by the society who are not directly involved or had not paid for it. It is sometimes referred to as 'spillover' or 'third-party' costs or benefits. (Sloman & Norris 2002, p567) A benefit experienced by the society or third-party who are not directly involved when a product or service is consumed or produced by a person or a firm …
showed first 75 words of 1568 total

showed last 75 words of 1568 total
…that the total amount of pollution can be controlled and reduced. However, it is difficult to decide the amount of pollution which can be permitted and pollution may be concentrated in certain geographical areas depending on where the firms operate. (Tutor2u 2003) <Tab/>As a conclusion, the advantages, the costs and the effectiveness of every policy which are going to be implemented should be taken into account before it gets implemented.