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September 28, 2020 

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ECONOMIC GROWTH, SOURCES: Our economy achieves economic growth with increases in the quantity or quality of resources. The quantity part is relatively simple. If we get more resources, then we have the ability to produce more output. We can also improve resource quality, making existing resources more productive, primarily through education and technology.

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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.

     See also | market failure | externality | environment | natural resources | materials balance | efficiency | Pigouvian tax | recycling | regulation | Coase theorem | command and control | pollution rights market |


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POLLUTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: September 28, 2020].


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RESOURCE PRICES, SUPPLY DETERMINANT

The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"I do the best I know how, the very best I can, and I mean to keep doing so until the end. "

-- Abraham Lincoln, 16th US president

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