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POLLUTION: Any waste that imposes an opportunity cost when it's returned to the natural environment. Pollution is one of the more prevalent examples of an externality cost and market failure. Examples include, but by no means are limited to, car exhaust, municipal sewage, industrial waste, and agricultural chemical runoff from farms. Pollution waste can be classified as degradable, persistent, or nondegradable, depending on how easily it can be broken down into nonharmful form by the natural environment. Pollution problems can never be eliminated, but they can be handled with efficiency if the amount of pollution is such that the cost of damages is the same as the cost of cleanup.
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ASSUMPTIONS, KEYNESIAN ECONOMICS The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for crowded shopping malls.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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NCUA
National Credit Union Administration
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