What is the: 1. Private Benefit 2. External Benefit 3. Social Benefit

1. Private Benefit is the Benefit gained by Consumer or Firm by doing Something. Consumer's Private Benefit from a Skiing Holiday is the Enjoyment 2. External Benefits is caused by Externalities. Better Technology leads to Less Electricity being Used, Positively Impacting the Climate 3. Private Benefit + External Benefit = Social Benefit. What Society overall Achieves from the Goods