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8 Cards in this Set
- Front
- Back
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Direct regulation
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Limit quantity allowed or ban alltogether
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Command and Control
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Limit quantity allowed or ban altogether uniform restrictions, different costs, not cost effective
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Pigouvian Tax
Pig Subsidies |
Tax: Internalizing externality - creates property right to the environment for the state, charges for dmg to property
Subsidy: payment to each firm for each unit by which it reduces environmental costs |
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Trade able permits
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shares of a total that are divided among individuals, who buy and sell their quotas
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Abatement costs
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cost bore by business to reduce a negative aspect of production such as pollution
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Total allowable commercial catch
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amount of fish that can be harvested in a season
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Individual Transferable quotas
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a division of the allowable catch that is then split up among the industry. Can be sold, bought or leased.
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Ecological Tax Reform
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Tax bads, not goods- shift tax from value added by labor and capital to throughput and pollution
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