Unit 2: Negative externalities associated with oil spills

A state of emergency has been declared along South Korea's coastline after the nation's biggest oil spill according to this BBC clip
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< http://www.bbc.co.uk/mediaselector/check/player/nol/newsid_7130000/newsid_7135100?redirect=7135117.stm&news=1&nbwm=1&nbram=1&bbram=1&bbwm=1&asb=1 >

a) Define a negative externality
b) Explain the negative externalities which arise from this oil spill