Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

There are differences between private returns or costs and the costs or returns to society as a whole Consumption, production, and investment decisions of individuals, households, and firms often ...

Learn how economists measure externalities using equilibrium models, cost assessments, and qualitative methods. Gain insight into real-world and theoretical impacts.

Clay Halton was a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...