If a negative externality exists, then there is a when society produces the market output instead of the socially optimal output. This exists because the to sellers and third parties are the derived by buyers.

Land, In economics, the resource that encompasses the natural resources used in production. ... Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.

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