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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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ELASTICITY The relative response of one variable to changes in another variable. Elasticity is commonly used in the study of market exchanges to identify the relative response of quantity (demanded and supplied) to changes in price. The phrase "relative response" is best interpreted as the percentage change, such as, the percentage change in quantity measured against the percentage change in price. The most common notions of elasticity are the price elasticity of demand and the price elasticity of supply. Other notable economic elasticities are the income elasticity of demand and the cross elasticity of demand.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for defective microphones.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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AP
Average Product
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