EC

Positive externality is benefits that accrue to a third parties not involved in an economic activity.Negative externalities are costs that third parties has to bear when a good is consumed or produced.

Supply side-

1.Eduction 2.Training 3.Q Small firms 4.Q Competition(regulation)

5.TRADE unions (down) 6.Privatisation 7.Inivestment (up)

8.Income tax (down)

Functions of price:
----Incentive
----Rationing
----Signalling

Factor of Prodnction:
----Land
----labour
----capital
----Entreprenenrship