safety regulations for dishes in a hotel or restaurant 2017 What are Externalized Costs

In modern economics, an important consideration is the cost of externalization.
Here is a brief explanation.
Economics is a discipline that studies how markets operate to create wealth and value.
It studies all the macro effects of economic transactions from the perspective of cost and benefit.
The cost of externalization stems from the fact that nothing in the world is isolated and that everything that happens affects many other things at the same time.
Economics is more than just the flow of research capital and resources.
It studies the whole economy, and an important part of it is the study of big-
The scale effect of each transaction on the whole market.
This is the origin of the concept of externalities.
The costs incurred by any economic activity are paid by an entity that is not directly involved in the execution of the activity.
They are essentially the negative impact of any transaction and do not affect the person involved in the transaction, but are borne by a third party.
It is a positive impact due to any economic activity that the person in charge of this activity may not receive.
This is an unforeseen positive impact of an action that benefits external agents who are not part of it.
In fact, each business activity or human action has costs and benefits, and those who carry out these activities or actions do not envision these costs and benefits.
Economics is devoted to studying the consequences or ripples of every act in an economy or market.
Its purpose is to suggest how to reduce external costs and spread more benefits to the market as a whole and to the environment as a whole.
If you look around, there are countless examples of such costs and benefits due to the introduction of any technology.
A major example of externalized costs is air pollution caused by the manufacture and operation of cars.
People suffer from many diseases such as respiratory problems, skin problems and heart diseases due to air pollution.
The cost of producing a car is borne by these people who have paid for it in terms of in-hospital treatment and reduced longevity.
Another example is the construction of a dam on a river, and when the land around the river is taken over by the dam reservoir, this will lead to the destruction of the entire ecosystem.
Every attempt to change our external environment is accompanied by many costs that directly affect our ecosystem.
All in all, costs and benefits are spinning --
The offsetting and unpredictable consequences of any economic activity, which are accumulated by entities that are not part of the original transaction.
One of the serious costs the world is paying is environmental pollution in all its forms. consequences.
The price of these fees will be paid by future generations.
Profits and losses beyond sight.