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The term ______________________ refers to a market exchange that affects a third party who is outside or external to the exchange. social costs spillover market failure private costs

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okpalawalter8

The term spillover refers to a market exchange that affects a third party who is outside or external to the exchange. This is further explained below.

What is spillover?

Generally,  A spillover effect occurs when an occurrence in one nation has an influence on the economy of another nation, often one that is more reliant on the economy of the first nation.

In conclusion, A market exchange that has an effect on a third party that is not part of the transaction is referred to as having a spillover.

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