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social cost is the cost of the people living

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15y ago
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6mo ago

Social cost is the total cost incurred by society as a result of a particular economic activity or decision, including both the private costs borne by individuals or businesses directly involved, as well as any external costs imposed on third parties. This concept is used in economics to evaluate the overall impact of an action on society beyond just the immediate participants.

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Related questions

When was The Problem of Social Cost created?

The Problem of Social Cost was created in 1960.


If the private cost of owning something is lower the the social cost what can be done.?

This is an economic question. what if private cost of owning something is lower then the social cost what can be done, and how?


Social cost benefit analysis?

Summary Social cost/benefit: sum of all private costs/benefit. Social welfare analysis: involves optimising social outcomes based on cost/benefit. Optimal occurs: where marginal social cost (MSC) = marginal social benefit (MSB) Is used for: cost of economic choices, policies, initiatives, etc. Longer Explanation Social cost-benefit analysis is also known as 'welfare analysis' and is very similar to normal firm optimisation models. Essentially, social cost and benefit usually involve a private producer or consumer and a public provider or public demand. In these cases, the private cost/benefit of the private actor differs from the social cost/benefit. A social cost/benefit is simply the sum of all costs and benefits of all private actors. Cost is represented on a cost-quantity axis as a positively-sloped function (linear or higher power) and benefit is a negatively-sloped function. Their optimisation occurs where the derivatives of cost and benefit (marginal social cost; marginal social benefit) are equal. This point is where profit/social welfare is greatest.


What are the difference between social cost and economic growth?

Social cost is part of economic growth because overall economic production is a function of social benefit minus social costs.


Why social media important in cost point of view?

Social media help to save money because of the low cost on messages


What is social opportunity cost?

The cost which is made externally and not directly payed to producer. i.e transportation cost, loading cost etc


When the marginal social cost is greater than the marginal social benefit what happens?

inefficient overproduction


What does it cost to start a social networking site?

50p


What will the cost be in 2013 for medicare deducted from social security?

$120.20


How much does it cost to start a social working business?

Alot!


Why is there a social cost to monopoly power?

the monoply cast is not an issue.


What is the social security cola for 2013?

The Social Security cost-of-living adjustment (COLA) for 2013 was 1.7%.