Define Social Costs. State TWO significant examples currently facing the Irish economy.
Definition:
Example 1:
Example 2:
Worked Solution & Example Answer:Define Social Costs - Leaving Cert Economics - Question 8 - 2007
Step 1
Definition:
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Answer
Social costs refer to the economic costs that society incurs as a result of the production or consumption of goods and services. This includes both the private costs borne by the producer or consumer and any additional costs imposed on society that are not reflected in market prices.
Step 2
Example 1:
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Answer
Pollution of air/water: A significant example is the current water pollution in Galway, which affects local communities and ecosystems, leading to health risks and environmental degradation.
Step 3
Example 2:
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Answer
Disfigurement of the landscape: The construction of roads can disfigure the landscape, such as the ongoing construction of the M3 through the Hill of Tara, which impacts cultural heritage and scenic value.
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