Glossary of IB Economics Terms
IB HL and SL Economics Glossary
There are currently 3 names in this directory beginning with the letter N.
Negative externalities are (spillover) costs to a third party caused by the production, or consumption of a good (or service) or that they occur when MSC is greater than MSB in the market for a good or service.
Normal goods are goods with positive income elasticity. As income rises the demand for normal goods rises