Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/23

Click to flip

23 Cards in this Set

  • Front
  • Back
acceptable levels of performance
standards
a commodity for which demand is highly sensitive to changes in income
luxury good
a tax on production causing water pollution
effluent fee
specifies the required level of performance but not the means of compliance
performance standard
specifies both the required level of performance and the means of compliance
design standard
license to produce a product that meets pollution standarads or to use a technique that meets an environmental goal
certification
testing to check that standards are being met
monitoring
inspections for compliance with standards
field surveillance
fines or other penalties for noncompliance with standards
remedies
general standards covering a wide range of situations and firms
uniform standards
the extra cost of removing an additional unit of waste
marginal cost
standards that are individualized to certain situations and firms
specific standards
a tax on production causing air pollution
emissions fee
tradable permit to produce a given amount of pollution
pollution permit
study that compares the costs and benefits of a policy or program
cost-benefit analysis
a payment from the government for some given action, such as recycling
subsidy
waste that is not recycled
pollution
the cost or benefit of an economic activity that spills over onto the rest of society
externality
a negative externality in which costs are shifted from the private market onto society
spillover cost
a positive externality in which benefits are shifted from the private market onto society
spillover benefit
the total costs of production, including private costs and spillover costs
social costs of production
the production of more than the socially optimum amount of a good or service
overallocation of resources
the production of less than the socially optimum amount of a good or service
underallocation of resources