The byproducts of production or consumption that impose costs on other consumers or firms are known as .

The byproducts of production or consumption that impose costs on other consumers or firms are known as "negative externalities".

Explanation:

The price or profit affecting a third party that has not chosen to incur that price or benefit in economics is understood as an "externality". Negative externalities happen when external costs to third parties outside the market are imposed by production and/or consumption, for which no appropriate compensation is paid. That results in social costs exceeding private costs. Obvious examples involve cigarette smoking, that can generate passive smoking, excessive alcohol drinking, which might ruin somebody's night out and noise pollution.

answer; common market;