Answer:
Step-by-step explanation:
The spillover effects of actions that affect the well-being of nonconsenting third parties are called externalities. Externalities occur when the production or consumption of goods or services by one party has unintended consequences on others who are not directly involved in the transaction. These effects can be positive or negative and can occur in various forms, such as pollution, congestion, noise, or positive spillovers like knowledge spillovers. Externalities are considered market failures as they result in an inefficient allocation of resources and often require government intervention or policy measures to address them.