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Efficiency

The allocation of goods to their uses of highest relative value.

Efficiency Wage

The wage at which total labor costs are minimized.

Efficiency Wage Theory

The theory that paying higher wages (up to a point) lowers total production costs, for instance by leading to a more productive labor force.

Efficient Markets Theory

The theory that all available information is reflected in the current price of an asset.

Effluent

Wastewater, treated or untreated, that flows out of a treatment plant, sewer, or industrial outfall. Generally refers to wastes discharged into surface waters.

Effluent Fee

A fixed tax rate per unit (litre or kilogram) of emissions. They are also referred to as emission charges or emission taxes.

El Ninõ

A climatic phenomenon occurring irregularly, but generally every 3 to 5 years. El Ninõs often first become evident during the Christmas season (El Ninõ means Christ child) in the surface oceans of the eastern tropical Pacific Ocean. The phenomenon involves seasonal changes in the direction of the tropical winds over the Pacific and abnormally warm surface ocean temperatures. The changes in the tropics are most intense in the Pacific region, these changes can disrupt weather patterns throughout the tropics and can extend to higher latitudes, especially in Central and North America. The relationship between these events and global weather patterns are currently the subject of much research in order to enhance prediction of seasonal to interannual fluctuations in the climate.

Elasticity of Demand

The percentage change in the quantity demanded divided by the percentage change in price.

Electrons

Tiny particle moving around outside the nucleus of an atom. Each electron has one unit of negative charge (-) and almost no mass.

Element

Chemicals such as hydrogen (H), iron (Fe), sodium (Na), carbon (C), nitrogen (N), or oxygen (O), whose distinctly different atoms serve as the basic building blocks of all matter. There are 92 naturally occurring elements. Another 15 have been made in laboratories. Two or more elements combine to form compounds that make up most of the world's matter. See compound.

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