Chapter 17 - Externalities and Environment

Electric pricing

________ does not account for the negative externalities or costs that fossil- fueled power plants impose.

Overuse

________ reduces the resource's quality and quantity, making it rare and perhaps disappearing.

Negative externalities

________ impose costs on society that are typically not accounted for in market prices.

Output limits

________ or levies may compel individuals to use the resource at a socially optimum pace.

Biological resources

________ such as fish, game, forests, rivers, grasslands, and agricultural soil, in general, are renewable if properly managed.

Externalities

unexpected consequences of acts that are beneficial and meaningful in and of themselves