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POLLUTION TYPES: Pollution residuals fall into one of three categories--degradable, nondegradeable, and persistent. Damage done by each type, and thus external cost, typically varies. At one extreme are degradable residuals and at the other are nondegradable. In the middle are persistent residuals.
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HEDGING: Buying or selling futures contracts to protect against price changes. This is a common form of "insurance" used by those who produce various commodities, such as wheat, cattle, coffee, and natural gas, as well as those who buy these commodities as inputs. See also | futures | risk | uncertainty | commodity exchange | financial markets | insurance | option | speculation |
Recommended Citation:HEDGING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 18, 2018].
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INEFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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Wage
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