Externalities

Found this diagram somewhere in the web. been revising--and well, here's the negative externality diagram. It occurs when a third party receives a spill over cost during a consumption or production. Area in red is the external cost of production. an easy example is when you play loud music at night. it costs your neighbour her rest to rejuvenate energy. Thus, your neighbour who is a third party, receives a negative externality out of your action. A more realistic example is probably the manufacturing of goods by a factory, emission of pollutants as a result of production will result to health problems to the community living around the factory area. They, who happen to be the third party receive a negative externality as a result of the production. Yeah, i forgot, there's an over production occuring. :)
hehe. i ws studying using one thin book and realized that it has no diagrams for me to refer to. man, there's still a lot to revise. id be dead meat. its crzy i think taking all my subjects for AS, esp when it requires reading. huhu. i wonder if wht i wrote up there is accurate. haha, i hv a problem of being concise enough.
just letting my mind rest for a while. Back to work~! :D
p/s have you ever stopped and think for a while, and find that your doings back at the past are being repaid back, regardless if its in a good or bad way? naa..its just a thought. nothing really.
and p/s: after years and years, finally i get to eat at swensen's yesterday. (although kakak thought of dropping me by the longkang before that) :D and well, last time i was there..which was long before i entered secondary school, i really dreamt of wanting the firehouse happy bday ice cream desperately, BUT then when i looked at the menu again yesterday, i figured out tht the only interesting thing about the ice cream was the fire on it. :) and it looks so finish-able. very. it used to look so....unfinish-able. :D right..things can really look diff than it seems when i was little and now. huhu.
and p/s i think im sleeping instead. hehe. ^_^