which term describes the individual use of products that can lead to externalities?
Which term describes the individual use of products that can lead to externalities?
Answer: The term that describes the individual use of products that can lead to externalities is “Consumption.” Consumption refers to the utilization of goods and services by individuals or households. When an individual consumes a product or service, there may be external effects on third parties who are not directly involved in the consumption. These external effects can be positive (positive externalities) or negative (negative externalities), impacting society beyond the buyer and seller. Consumption choices can have implications for the environment, public health, social welfare, and various other sectors, making it an essential concept in the study of economics and policymaking.