Question

Difference between social cost and private cost in economics

Answer 1

social cost is the cost which is used by a particular community for entire nation with the permission of goverment and private cost is the cost which is used for own purpose for household purpose or for industrial purpose or for any other own purpose. ex for social cost money use for goverment school and public bus transport like amts brts etc for private cost ex is money put to build own house etc.

Answer 2

Heya.....

@ Cost is the expenditure incurred by investor in any type of business for future gains......

** Private cost.....

It is the expenditure incurred by the producer by using self owned money ...

Example ... if the producer is using the factors of production and giving payments with its income it will be private costs....

** Social cost.....

It is the usage of govt owned properties for our use by some type of registration....

Example... If a producer is organizing a seminar at s public place by a few registered formality only no cost of it is using it will be social cost....

## Good luck !!!