The differences between the private and social costs of economic behavior are known as

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Externalities refer to the differences between the private costs of an economic activity that are borne by the individual or firm engaging in the activity, and the social costs that are borne by society as a whole. This can occur when the actions of an economic agent affect people outside of the transaction or market, and can result in positive or negative externalities.

The Differences Between the Private and Social Costs of Economic