Externality

The fact of existing outside the perceiving subject. This economic phenomenon can be categorized as positive or negative when, in the price of the good placed on the market, the social gains and losses resulting from its production or consumption, respectively, are not included. Externality means a market failure, in the sense that the product put on the market does not have a price that contains all of the gains or losses resulting from its production.

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Greenhouse effect

Greenhouse effect

It is the way that the Earth has to maintain a constant temperature conducive to life. It is a natural process that provides the necessary temperature for the establishment and sustenance of life on Earth and which is only possible through greenhouse gases. These...

Parties

Parties

Refer to the countries that are part of a convention. These can be individual countries or economic blocs, such as the European Union.