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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 8: Market Shocks | Unit 4: Double Shifts
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Page: 13 of 20
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Topic:
More Demand and More Supply
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Market equilibrium is disrupted if both the demand (higher income) and supply (technological breakthrough) curves shift.- An increase in demand creates a shortage. Price and quantity tend to increase.
- An increase supply creates a surplus. Price declines and quantity increases.
- The combined effect is an obvious increase in quantity but a questionable change in price.
- At the new equilibrium the price is indeterminant.
- If demand shifts relatively more than supply, price is higher.
- If demand shifts relatively less than supply, price is lower.
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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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IMF
International Monetary Found
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