Externalities
By-products of activities that affect the well-being of people or damage the environment, where those impacts are not reflected in market prices. The costs (or benefits) associated with externalities do not enter standard cost accounting schemes.
Source:
Intergovernmental Panel on Climate Change, "Climate Change: A Glossary by the Intergovernmental Panel on Climate Change," Available Online at http://www.ipcc.ch/pdf/glossary/ipcc-glossary.pdf, Retrieved October 27, 2008
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