Definition of Social cost:
The expense to an entire society resulting from a news event, an activity or a change in policy. When assessing the overall impact of its commercial actions in terms of social costs, a socially responsible business operator should take into account its own production expenses, as well as any indirect expenses or damages borne by others.
How to use Social cost in a sentence?
- You need to factor in what the social cost will be before you decide how to proceed with a new plan.
- There was no such thing as a social cost for me because I was independent and not really a part of a society.
- Many people assume that the legalization of marijuana would bring nothing but good things to our country, but has anyone considered the social cost ?.
Meaning of Social cost & Social cost Definition