What do you call a cost or benefit that is experienced by someone who is not party to the transaction - Economics - Production and Costs

Question

What do you call a cost or benefit that is experienced by someone
who is not party to the transaction that produced it?

Neelu Chathli · Accepted Answer

Dear Student

A cost or benefit that is experienced by someone who is not
party to the transaction that produced it is known as
Externality
A cost that is experienced by someone who is not party to the
transaction that produced it is known as Negative Externality
A benefit that is experienced by someone who is not party to
the transaction that produced it is known as Positive
Externality

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What do you call a cost or benefit that is experienced by someone who is not party to the transaction that produced it?