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December 9, 2018 

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POLLUTION RIGHTS MARKET: A market-based system for the exchange of permits or "rights" to release pollution residuals into the environment. These pollution permits would be bought and sold in an organized market not unlike the stock market. Prices would vary according to the forces of supply and demand, allowing individual participants to buy and sell based on their particular circumstances. The total number of permits would be based on the amount of permissible pollution residuals that can be safely released into the environment during a given period of time. These permits could be given away or auction off to potential polluters.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 1 of 22

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Economic activity can be separated according to the four basic macroeconomic sectors--household, business, government, and foreign. The circular flow model helps us analyze the interaction among these sectors.

The circular flow is a model of the continuous production and consumption interaction among the four major sectors (household, business, government, and foreign), that takes place through the three aggregated macroeconomic markets (product, factor and financial).

  • The circular flow is a simple model that helps us understand the complex real world economy.

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POLITICAL ENTREPRENEURS

Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for celebrities who speak directly to you through your television.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"If you don't make mistakes, you aren't really trying."

-- Coleman Hawkings,musician

S&D
Supply and Demand
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