Externalities with respect to health economics.

An externality is a cost or benefit of an economic activity experienced by an unrelated third party. The external cost or benefit is not reflected in the final cost or benefit of a good or service. Therefore, economists generally view externalities as a serious problem that makes markets inefficient, leading to market failures. The externalities are the main catalysts that lead to the tragedy of the commons.

The primary cause of externalities is poorly defined property rights. The ambiguous ownership of certain things may create a situation when some market agents start to consume or produce more while the part of the cost or benefit is inherited or received by an unrelated party. Environmental items, including air, water, and wildlife, are the most common examples _________ ___ __________ _________ ____ ______ __________.
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