EXTERNALITY

glossary /

EXTERNALITY

externality. (usu. pl.) A social or monetary consequence or side effect of one’s economic activity, causing another to benefit without paying or to suffer without compensation.

¡ª Also termed spillover; neighborhood effect.

negative externality. An externality that is detrimental to another, such as water pollution created by a nearby factory.

positive externality. An externality that benefits another, such as the advantage received by a neighborhood when a homeowner attractively landscapes the property.

How would a bilingual lawyer translate the term EXTERNALITY into Chinese?
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