The Parks Department lists London and many of them go sightseeing. Ron comes across a novelty postcard that he likes and tries to buy the postcard with American currency, but his money isn’t accepted. Despite the importance of the dollar on a global scale, this currency has little value to the shopkeeper.
See more: fiat money, foreign exchange, medium of exchange, money, store of value, transaction costs, unit of account
Andy goes to the hospital for a broken nose, but it turns into a rant session for Ben. It turns out the roommate situation between Ben, April, and Andy hasn’t been ideal because Andy and April continue to use his things without his permission. Andy and Ben negotiate for ways to remedy the externality on their own. If property rights are well established (Ben does own his stuff!) then two parties can work out externalities without government intervention.
See more: bargaining, Coase Theorem, common resources, externalities, negative externalities, private costs, private goods, public goods, social benefits, social costs, transaction costs, types of goods