Question

Whats the difference between social costs and economic costs?

What would some examples be of social cost of smoking and economic costs of smoking?

Answer 1

Social costs means that engaging in a particular action or behavior which results in certain costs or expenses socially. Economic costs are costs or expenses which are incurred as a consequence of certain action or behaviors which affect the economic aspects. For example. The social costs of smoking may be increased stress, harmful to the family members and loved ones, and economic costs may be more absenteeism at workplace, diseases due to smoking which cause high expenses in treatment.