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10 cards from this deck
Difference between private and social costs or benefits
Social cost exceeds private cost
Social benefit exceeds private benefit
People benefit from a good without paying for it
MSC=MPC+MEC\text{MSC} = \text{MPC} + \text{MEC}MSC=MPC+MEC
MSB=MPB+MEB\text{MSB} = \text{MPB} + \text{MEB}MSB=MPB+MEB
Over-production and over-consumption
Under-production and under-consumption
P=MSCP = \text{MSC}P=MSC
Over-exploitation of resources when property rights absent
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