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PIGOUVIAN TAX: A tax on an external cost, such as pollution, designed to use market forces to achieve an efficient allocation of resources. A. C. Pigou, one of the first economists to study the market failure of externalities, is credited with developing this tax system for internalizing costs external to the market. An external cost caused by pollution, for example, can be internalized if polluters pay a tax equal to the value of the external cost.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 10 of 25

Topic: Land: Space And Materials <=PAGE BACK | PAGE NEXT=>

  • Land provides two important productive services -- space and materials.

    • Space: First, land provides a place to locate things, especially productive resources like factories.

    • Materials: Second, land is the resource category that provides the raw materials transformed into physical products.

  • The factor supply of land services depends on which aspect of land is being supplied.


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CONSTRAINED UTILITY MAXIMIZATION

The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

LRAC
Long Run Average Cost
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