Answers
1. A discrepency between pricate costs and social costs or benefits
2. Costs incurred by third parties
3. Excessive development and inappropriate development means the environment is visually less attractive which impacts peoples quality of life
4. Employment, quality of life, providing a service, regeneration of land
5. Negative externalities
6. It will be under produced
7. Consumer surplus, producer surplus, cost benefit analysis, willingness to pay
8. Identify alll costs and benefits, measure their value, calculate the likelihood, analyse the timings looking at present value, decide whether to undertake project
9. Goods provided by the government
10. Non excludibility, non rivalry in consumption
11. They dont make an economic profit on them
12. Excludibility, Rivalry, Rejectability
13. Social benefits exceed social costs
14. As if they didnt they would be under produced or under consumed
15. Cigarettes, alcohol
