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Accounts; Economics; Business; Post your doubts here!

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i need revisn guide of accounts also n sweetie u sure only thz 4 chptrz r gnna come n by the wwtz the code numbr of thz b.studies subject
 
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What is the Private cost and Benefit and External Cost and Benefit? with examples? and could anyone explain this in a simpler term :|:confused:
 
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What is the Private cost and Benefit and External Cost and Benefit? with examples? and could anyone explain this in a simpler term :|:confused:

Private costs & benefits borne by the owners (firms) & the users of products due to the business activity.like cost of using cigrette to user is the price,benefit is it's enjoyment & cost to firms is it's production cost ,benefit is the profit/revenue earned on it's sale.While external costs & benefits borne by the rest ov the community not included/involved in business activity due to ths activity like cost of cigrette to thm is the smoke created by it's use,benefit is employment in it's production process.

Hope it hlps u :)
 
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