Discuss the concept of social cost

Economics Dec 14, 2020

Discuss the concept of social cost. How important is social cost to the natural resource management and accounting?

Expert Solution

Social cost includes private cost and other external cost that will accost the society which is raised from the production and consumption of a goods or services.
It is important in economic analysis of resource management and accounting as it is necessary for the decision strategies that will impact business projects. Accounting for the social cost is rather important for the allocation of resources within economy that can maximise the welfare.

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