PLASTIC is one of the cheapest materials in the market, commonly used for packaging or other commercial applications. Because of its price and accessibility, the world has become addicted to using plastic. One million plastic bottles are purchased every minute globally, and up to 5 trillion plastic bags are used every year. Consumption has quadrupled in the past 30 years, and global production is forecast to reach 1.1 billion tons by 2050. Most of the plastic consumed globally is designed for single use — discarded after a few minutes of use, yet persisting as waste in the environment for hundreds of years. Plastic bottles and disposable diapers, for example, have a lifespan of 450 to 500 years. With less than 10 percent of plastic waste being recycled, plastic pollution is overwhelming landfills and leaking into oceans and rivers.

If we are to consider the impacts of plastic (or what may be considered 'negative externalities' in economics), we may realize that the true price of plastics is not cheap. Negative externality refers to the cost or negative effect caused by the production or consumption of a good or service. Plastics entail negative externalities on the environment and human beings.