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06.03 Project Milestone Two BY: Cindy Rajkumar

This is my milestone for economics :)

Cindy Rajkumar

on 11 November 2013

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Transcript of 06.03 Project Milestone Two BY: Cindy Rajkumar

3.What are the externalities, both positive and negative that could result from each possible solution?
06.03 Project Milestone Two 1. Give three possible solutions to the environmental issue you are investigating.

Individuals: Heard Reduce, Reuse, and Recycle? Well citizens could save their bottles, cans and newspapers and take them to a recycling program where they could receive offers to redeem gift certificates to purchase goods.
Business Firms: A company that wishes to reduce global warming could start a program where citizens could drop off recycled items in return for a tax reduction.
Government: The government could offer attractive incentives to companies and small business for the most products recycled.
The rest of the world: If all of the countries work together to make this world a green Earth then we all could be saving our resources.

Positive- Global warming will be reduced, Citizens will get a award for their help and they will feel good.
Negative: Citizens will have to take time out of their lives to help and would have to collect over time GLOBAL WARMING By: Cindy Rajkumar 1. Greening transportation: Transportation emissions have increased at a faster rate than any other energy-using sector over the past decade. A variety of solutions are at hand:
A. Including improving efficiency (miles per gallon) in all modes of transport
B. Switching to low-carbon fuels
C. Reducing vehicle miles traveled through smart growth and more efficient mass transportation systems
2. Revving up Renewables: Renewable energy sources such as solar, wind, geothermal and bioenergy are available around the world. Multiple studies have shown that renewable energy has the technical potential to meet the vast majority of our energy needs. Renewable technologies can be deployed quickly, are increasingly cost-effective, and create jobs while reducing pollution.
3. Managing forests and agriculture: Taken together, tropical deforestation and emissions from agriculture represent nearly 30 percent of the world's heat-trapping emissions. We can fight global warming by reducing emissions from deforestation and forest degradation and by making our food production practices more sustainable.
2.Why would some people oppose
the solutions you have chosen?
There are people in today's world that does not care or consider for the Earth and it's resources. Today what matters most, even if it is hard to hear, but is true : Money. People, especially parents would do anything to be able to provide for their kids and themselves. The people who have worked hard and earned want they wanted is great. But then there are those people who abuse the situation or resources and are not considerate for others. All those car lovers who everyday who drive and release harmful gases into the air, it is the same air we all have to breathe in.
Some people would oppose the solutions I have chosen because it will take a long time in creating a green America. Changing houses from electric to solar, would be a hard and long process. Some people love their vehicle and they would always want to drive it. There are these millionaire investors that want to open a mall but in order to do that they would have to break a natural habitat and would not care about the animals. These are just a few of the situations where someone could oppose my solutions. 1.What positive or negative externalities does this issue present at each sector of the economy? Refer to your circular-flow diagram. Two examples of negative externalities are greenhouse gas emissions from burning oil, gas, and coal. This causes global climate change and water pollution by industries that adds poisons to the water, which harm plants, animals, and humans.
An Example would be:

Business Firms: When a company cuts corners in its industrial processes and dumps untreated wastes into a river, which someone else has to pay to clean up, the cost of that cleanup is not included in the price you paid for whatever that industry produced. Business Firms: When one (us) uses energy, the cost of the damage caused by production and burning of fossil fuels is not included in the price you pay for a gallon of gasoline or a ton of coal used to generate electricity. Government: Lots of people complain about “government interference” in the "private" sector. However a lot of environmental regulation is aimed at stopping the creation of “negative externalities” that we taxpayers end up paying for. This forces those cost consequence back to its source. Therefore, laws that require anti-pollution and punish those who pollute our drinking water supplies is a way of adding the negative externality cost back to the producer of the problem. Not good.

Rest of the World: Our foreign trade “globalization” policies also create an unfair playing field when our industries have to compete with those manufacturers in countries. The Gulf of Mexico oil spill is a great example of the creation of a negative externality. The goal of getting more oil to fuel our lifestyle and make a profit for BP trumped any recognition of the massive economic and environmental damage that flowed from their blown out well. Is the cost of this mess going to turn up in the price of gasoline in the US? Probably not. Will it turn up in our tax bills? Yes.

2.What incentives do individuals, businesses, and government have to act on each possible solution?
Plan of Action: Ensuring sustainable development: The countries of the world—from the most to the least developed—vary dramatically in their contributions to the problem of climate change and in their responsibilities and "capacities to confront it." A successful global compact on climate change must include financial assistance from richer countries to poorer countries to help make the transition to low-carbon development pathways and to help adapt to the impacts of climate change. Business Firms:
Positive- Global warming will be reduced, business will be rewarded for their work and will get a tax reduction, and business could gain more consumers for showing interest in the planet.
Negative- there will be costs in order to start the program, not all citizens will be interested in the program, and it will take time in order to ge a tax reduction Government:
Positive: Our country will look and feel better, spending money for a good cause, will be known for their work and people will want to join if government is willing to spend the money.
Negative: this is a non profit program so the government will be making no money, there will be costs in ship this recycled items and it will take time before we see a dramatic change in the environment. World: Positive: Our earth will have a cleaner atmosphere and we would be living healthier, countries will be known for their help, countries will become green
negative: it takes time and money but this change will be worth it By: Cindy Rajkumar
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