22:25
then someone was like "what does jm stand for" and i was like .. well
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LSDefine
Simple English definitions for legal terms
social cost
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A quick definition of social cost:
Social cost refers to the overall cost that society bears as a result of a particular activity or decision. This includes not only the monetary cost, but also the impact on people's health, the environment, and other factors that affect the well-being of society as a whole. For example, the social cost of pollution includes not only the cost of cleaning up the pollution, but also the cost of health problems caused by the pollution. It is important to consider social cost when making decisions that affect society, in order to ensure that the benefits outweigh the costs.
A more thorough explanation:
Social cost refers to the overall cost to society of a particular action or decision. This includes not only the direct costs to individuals or businesses, but also any indirect costs that affect the wider community.
- Environmental pollution is a social cost because it affects not only the health of individuals, but also the quality of life in the surrounding area.
- Excessive alcohol consumption can lead to social costs such as increased healthcare expenses and lost productivity due to alcohol-related illnesses and accidents.
- Government policies that restrict individual freedoms, such as mandatory mask-wearing during a pandemic, can be seen as a social cost because they limit personal autonomy for the greater good of society.
These examples illustrate how social costs can have far-reaching effects beyond just the individuals directly involved. They show how decisions made by individuals or governments can impact the wider community and highlight the importance of considering social costs when making choices.