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23 Cards in this Set

  • Front
  • Back
acceptable levels of performance
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
testing to check that standards are being met
inspections for compliance with standards
field surveillance
fines or other penalties for noncompliance with standards
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
waste that is not recycled
the cost or benefit of an economic activity that spills over onto the rest of society
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