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Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Introducing Market Failure Market Failure: Externalities Externalities in Depth Government Policy Options Private Solutions ] Market Failure: Externalities Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Market Failure: Externalities > Introducing Market Failure Introducing Market Failure • Defining Market Failure • Causes of Market Failure • Introducing Externalities • Externality Impacts on Efficiency Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/market-failure-externalities-7/introducing-market-failure-57/

  6. Market Failure: Externalities > Externalities in Depth Externalities in Depth • Negative Externalities • Positive Externalities Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/market-failure-externalities-7/externalities-in-depth-58/

  7. Market Failure: Externalities > Government Policy Options Government Policy Options • Regulation • Tax • Quotas Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/market-failure-externalities-7/government-policy-options-59/

  8. Market Failure: Externalities > Private Solutions Private Solutions • Types of Private Solutions • The Coase Theorem Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/market-failure-externalities-7/private-solutions-60/

  9. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Market Failure: Externalities Key terms • Coase TheoremThe theorem states that private economic actors can solve the problem of externalities among themselves. • efficientMaking good, thorough, or careful use of resources; not consuming extra. Especially, making good use of time or energy. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • free riderOne who obtains benefit from a public good without paying for it directly. • free riderOne who obtains benefit from a public good without paying for it directly. • interveneTo interpose; as, to intervene to settle a quarrel; get involved, so as to alter or hinder an action. • merit goodA commodity which is judged that an individual or society should have on the basis of some concept of need, rather than ability and willingness to pay. • monopolyA market where one company is the sole supplier. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Market Failure: Externalities • Negative ExternalityA detremental effect suffered by a party due to a transaction it was not a part of. • PermitThe right to produce a given amount of a negative externality (for example, the right to emit a specific volume of a pollutant). • Pigovian taxA tax applied to a market activity that is generating negative externalities (costs for somebody else). • public goodA good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. • public goodA good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. • quotaA restriction on the import of something to a specific quantity. • Transaction costThe cost incurred in making an economic exchange, such as the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract and so on. • Transaction costThe cost incurred in making an economic exchange, such as the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract and so on. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Market Failure: Externalities Air pollution Air pollution is an example of a negative externality. Governments may enact tradable permits to try and reduce industrial pollution. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Pollution de l'air."Public domainhttp://commons.wikimedia.org/wiki/File:Pollution_de_l'air.jpgView on Boundless.com

  13. Market Failure: Externalities Corrective Tax A tax shifts the marginal private cost curve up by the amount of the tax. This gives producers an incentive to reduce output to the socially optimum level. Free to share, print, make copies and changes. Get yours at www.boundless.com http://hhttp//en.wikipedia.org/wiki/File:Social_cost_with_tax.svg."Social cost with tax."Public domainhttp://hhttp//en.wikipedia.org/wiki/File:Social_cost_with_tax.svgView on Boundless.com

  14. Market Failure: Externalities Externality This diagram shows the voluntary exchange that takes place within a market system. It also shows the economic costs that are associated with externalities. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Externality."CC BY-SAhttp://en.wikipedia.org/wiki/File:Externality.svgView on Boundless.com

  15. Market Failure: Externalities Emissions Trading Emissions trading or "cap and trade" is a market-based approach used to control pollution by providing economic incentives for reducing the emissions of pollutants. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Coal power plant Datteln 2 Crop1."CC BY-SAhttp://en.wikipedia.org/wiki/File:Coal_power_plant_Datteln_2_Crop1.pngView on Boundless.com

  16. Market Failure: Externalities Effects of Externalities This graph exemplifies how Coase's Theorem functions in a practical manner, underlining the effects of an externality in an economic model. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/6/6c/Jonespeartree_graphs.JPGView on Boundless.com

  17. Market Failure: Externalities No Smoking The prohibition of smoking in certain areas is a regulation designed to reduce the negative externalities suffered by non-smokers when they are around smokers. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | No smoking within 5 meters | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/hendry/7137645351/sizes/o/in/photostream/View on Boundless.com

  18. Market Failure: Externalities Cigarette smoke Secondhand smoke is an example of a negative externality; a person chooses to smoke, but others who do not choose to smoke are harmed. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Cigarette smoking."CC BY-SAhttp://en.wikipedia.org/wiki/File:Cigarette_smoking.jpgView on Boundless.com

  19. Market Failure: Externalities Efficient Solution According to the Coase theorem, two private parties will be able to bargain with each other and find an efficient solution to an externality problem. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Handshake."Public domainhttp://commons.wikimedia.org/wiki/File:Handshake.svgView on Boundless.com

  20. Market Failure: Externalities Externality An externality is a cost or benefit that results from an activity or transaction and that affects an otherwise uninvolved party who did not choose to incur that cost or benefit. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Externality."CC BY-SAhttp://en.wikipedia.org/wiki/File:Externality.svgView on Boundless.com

  21. Market Failure: Externalities Negative Externality Graphically, negative externalities occur when social costs are lower than private costs, and firms produce more units than is socially optimal. The ideal equilibrium quantity that reflects negative externalities is Qs, but firms may produce at Qp. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Negative externality."Public domainhttp://en.wikipedia.org/wiki/File:Negative_externality.svgView on Boundless.com

  22. Market Failure: Externalities Negative Externality Air pollution caused by motor vehicles is an example of a negative externality. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Diesel-smoke."Public domainhttp://en.wikipedia.org/wiki/File:Diesel-smoke.jpgView on Boundless.com

  23. Market Failure: Externalities Attribution • Wikipedia."merit good."CC BY-SA 3.0http://en.wikipedia.org/wiki/merit%20good • Wikipedia."public good."CC BY-SA 3.0http://en.wikipedia.org/wiki/public%20good • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Wikipedia."Merit good."CC BY-SA 3.0http://en.wikipedia.org/wiki/Merit_good • Wikibooks."Transportation Economics/Negative externalities."CC BY-SA 3.0http://en.wikibooks.org/wiki/Transportation_Economics/Negative_externalities • Wikibooks."IB Economics/Microeconomics/Market Failure."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure • Wiktionary."free rider."CC BY-SA 3.0http://en.wiktionary.org/wiki/free_rider • Wikipedia."public good."CC BY-SA 3.0http://en.wikipedia.org/wiki/public%20good • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/monopoly • Wikipedia."Free rider problem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Free_rider_problem • Wikipedia."Market failure."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_failure • Wikibooks."IB Economics/Microeconomics/Market Failure."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Wiktionary."intervene."CC BY-SA 3.0http://en.wiktionary.org/wiki/intervene • Wikibooks."IB Economics/Microeconomics/Market Failure."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure • Wikipedia."Externalities."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externalities • Wiktionary."efficient."CC BY-SA 3.0http://en.wiktionary.org/wiki/efficient Free to share, print, make copies and changes. Get yours at www.boundless.com

  24. Market Failure: Externalities • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Wikipedia."Externalities."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externalities • Wikipedia."Economic efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_efficiency • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Wikipedia."Externalities."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externalities • Wikibooks."Transportation Economics/Negative externalities."CC BY-SA 3.0http://en.wikibooks.org/wiki/Transportation_Economics/Negative_externalities%23Definitions • Wiktionary."free rider."CC BY-SA 3.0http://en.wiktionary.org/wiki/free_rider • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Wikipedia."Free rider problem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Free_rider_problem • Wikibooks."Transportation Economics/Negative externalities."CC BY-SA 3.0http://en.wikibooks.org/wiki/Transportation_Economics/Negative_externalities%23Definitions • Wikibooks."Transportation Economics/Positive externalities."CC BY-SA 3.0http://en.wikibooks.org/wiki/Transportation_Economics/Positive_externalities • Wikipedia."Externalities."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externalities%23Positive • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/negative-externality-d2e01a33-651c-4aef-b734-94b1fcd34e3c • Wikipedia."Externality."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externality • Wikispaces."mrski-apecon-2008 - Chapter10 JDEM."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter10+JDEM • Wikispaces.CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/CHAPTER+10+.+EXTERNALITIES+;) • Wikispaces."mrski-apecon-2008 - Chapter 10- Externalities."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+10-+Externalities • Wikibooks."IB Economics/Microeconomics/Market Failure."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure • Wikipedia."Pigovian tax."CC BY-SA 3.0http://en.wikipedia.org/wiki/Pigovian%20tax Free to share, print, make copies and changes. Get yours at www.boundless.com

  25. Market Failure: Externalities • Wikispaces."IB-Econ - Section Two Questions- ItzelC."CC BY-SAhttp://ib-econ.wikispaces.com/Section+Two+Questions-+ItzelC?showComments=1 • Wikispaces."mrski-apecon-2008 - Chapter 10- Externalities."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+10-+Externalities • Wikipedia."Pigovian tax."CC BY-SA 3.0http://en.wikipedia.org/wiki/Pigovian_tax • Wiktionary."quota."CC BY-SA 3.0http://en.wiktionary.org/wiki/quota • Wikipedia."Permit."CC BY-SA 3.0http://en.wikipedia.org/wiki/Permit • Wikipedia."Individual fishing quota."CC BY-SA 3.0http://en.wikipedia.org/wiki/Individual_fishing_quota • Wikispaces."ECON100-Powers - Market Failure 2."CC BY-SAhttp://econ100-powers.wikispaces.com/Market+Failure+2 • Wikipedia."Emissions trading."CC BY-SA 3.0http://en.wikipedia.org/wiki/Emissions_trading • Wikipedia."Tradable smoking pollution permits."CC BY-SA 3.0http://en.wikipedia.org/wiki/Tradable_smoking_pollution_permits • Wikispaces."IB-Econ - Section Two Questions- ItzelC."CC BY-SAhttp://ib-econ.wikispaces.com/Section+Two+Questions-+ItzelC?showComments=1 • Wikibooks."IB Economics/Microeconomics/Market Failure."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure • Wikipedia."Transaction cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/Transaction%20cost • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/coase-theorem • Wikispaces."mrski-apecon-2008 - Chapter 10- Externalities."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+10-+Externalities • Wikispaces.CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/CHAPTER+10+.+EXTERNALITIES+;) • Wikipedia."Externality."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externality • Wikipedia."Market failure."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_failure • Wikipedia."Transaction cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/Transaction%20cost • Wikipedia."Ronald Coase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Ronald_Coase Free to share, print, make copies and changes. Get yours at www.boundless.com

  26. Market Failure: Externalities • Wikipedia."Coase theorem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Coase_theorem • Wikipedia."Coase theorem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Coase_theorem • Wikipedia."Coase theorem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Coase_theorem • Wikipedia."Coase theorem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Coase_theorem • Wikispaces."mrski-apecon-2008 - Chapter 10- Externalities."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+10-+Externalities • Wikispaces.CC BY-SAhttp://uicecon.wikispaces.com/Coase+Theorem • Wikipedia."Externality."CC BY-SA 3.0http://en.wikipedia.org/wiki/Externality Free to share, print, make copies and changes. Get yours at www.boundless.com

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