The Cost of Our Futures: Oil Markets and Government Intervention
William Lawrence McKinney
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Concept List
By the end of the unit students should be able to define and explain each of the following concepts:
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1. Renewable energy
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2. Nonrenewable energy
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3. Public good
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4. Private good
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5. Club good
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6. Common resource
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7. Positive and negative externality
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8. Free rider
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9. Per-unit tax and subsidy
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10. Lump sum tax and subsidy
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11. Social efficiency
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12. Marginal benefit (MB) and cost (MC)
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13. Marginal social benefit (MSB) and cost (MSC)
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14. Marginal private benefit (MPB) and cost (MPC)
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15. Deadweight loss
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16. Consumer surplus
