The Senate votes on debt limit

The coral reefs in Sweden is an important common resource where it provides habitat for many marine life and maintains biodiversity. However increased human activities such as trawling and eutrophication has caused the number of coral reef sites from 3 to 1 and the last remaining site is in bad condition. Coral reefs, once damaged causes many of the species of marine life to disappear and extremely difficult and time staking effort is required to restore. This is an example of "tragedy of commons" and adequate measures must be made to prevent further tragedy from happening.

The NHL (national hockey league) is locked out and the whole season is in jeopardy as players and the owners are fighting over who gets the bigger pie of the 3.3 billion in revenue per year. The negative externality resulting from this is that the fans of NHL is left out and may not see a single game until the talks are resolved.

Income Elasticity of Demand This article explains about pet burial business suffering because of economic recession. The business' revenue dropped from "$47.7 billion" to "$45.5 billion" within one year in the United States. The article claims, its' revenue dropped because of recession. This article is good example of how knowing Income Elasticity of Demand (YED) can be used to predict the economy of the country. Considering pet burial is luxury good, it has very high YED. The decrease in quantity demanded of the product indicates the general income of the country decreased.

The drought damaged the corn and soybean fields in the U.S. This caused drop in supplies in two crops to below year-earlier consumption levels for the first time since 1974. Prices have rose from 8.49 on August to $18 on September, but dropped again to $15.04 on October 3. This clearly shows both swift in supply, which set a new market equilibrium and price mechanism that adjusts the price of a product the new equilibrium. As the natural disaster swifted the supply curve, the price rose, but because the price was out of equilibrium price, the price dropped..