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COASE THEOREM: A policy proposition, developed by Ronald Coase, that pollution and other externalities can be efficiently controlled through voluntary negotiations among the affected parties (polluters and those harmed by pollution). A key to the Coase theorem is that many pollution problems involve common-property goods that have no clear-cut ownership or property rights. With clear-cut property rights, "owners" would have the incentive to achieve an efficient level of pollution. This theorem states that it doesn't matter who receives the property rights, so long as someone does. Pollution can be reduced through voluntary negotiation by assigning private property rights to common-property resources. If common-property resources are privately owned, a market in property rights can be established. Owners then have the incentive to protect the quality of their resources.
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INELASTIC The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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ATM
Automated Teller Machine
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