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6.2: Externalities and Private vs. Public Goods
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AP Microeconomics notes from Unit 6, Section 2: These notes cover positive externalities, negative externalities, public goods, and private goods.
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Some examples from this set of practice questions
1.
What is an externality?
Answer: A third-person side effect caused by economic activity that creates benefits or costs for someone other than the original decision maker
2.
What is a positive externality?
Answer: A situation that results in a benefit for someone other than the original decision maker
3.
What is a negative externality?
Answer: A situation that results in a cost for a different person other than the original decision maker
4.
What is the public sector?
Answer: The part of the economy that is primarily controlled by the government
5.
What is the private sector?
Answer: The part of the economy that is run by private individuals and companies that seek profit
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