New Tools That Make It Easier for Individuals to Get

question 156

Multiple Choice

New tools that make it easier for individuals to get feedback about their individual resource consumption are called

• A)recycling data recorders.
• B)green initiative diaries.
• C)ecological footprint calculators.
• D)ozone depletion updates.

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Definitions:

Allocative Efficiency

A state of resource allocation in which it is impossible to make any one individual better off without making at least one individual worse off.

Incentive Function

The role of rewards or penalties in motivating individuals or entities to behave in certain ways.

Rationing Function

The ability of market prices to allocate scarce resources among competing uses, ensuring that only those willing and able to pay the price can obtain the good or service.

Equilibrium Economic Rent

The additional income received by a factor of production, due to its scarcity or unique value, when the market is in equilibrium.