Externality in Malay is externaliti. It is the uncompensated impact of one person's actions on the well-being of a bystander. It may be either positive or negative.
I had a negative externality today. While staying near a school is good especially when you're late or have to stay back for extra classes and don't like the food in school, you can go home for some healthy and delicious home-cook food.
The downside of it is sound pollution. While I was taking a nap in the afternoon today, my sleep was disturbed by cars honking near the school. The authorities really need to put up a no honking sign.
So that's the negative externality. Business Economics test this Wednesday.
More of positive externality please,
Vicky
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