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define what an externality is in economics. Please provide an example of both types of externalities.

define what an externality is in economics. Please provide an example of both types of externalities.

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Externality is the uncompensated effect on the third party or bypasser. When the effect on bypasser is positive then we say positive externality. Other get benefit. Whenereas when action of one harms the other than there is negative externality

My neighbour love to listen loud music in the morning which have negative impact on me as I have to study for my exams and the loud music disturbs me is an example of negative externality

Industry polluting environment by decomposing their waste either in river or releasing smoke in fresh air is also a negative externality

I planted 10 trees in from of my home to have fresh air will also have positive impact on my neighbour marking it a positive externality

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