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Chapter 2 Economics, Ethics, and Critical Thinking

by: Rose Notetaker

Chapter 2 Economics, Ethics, and Critical Thinking 115

Marketplace > Clarion University of Pennsylvania > Geography > 115 > Chapter 2 Economics Ethics and Critical Thinking
Rose Notetaker
GPA 3.0

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Chapter 2 Valentine
Class Notes
chapter 2, Economics
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This 1 page Class Notes was uploaded by Rose Notetaker on Wednesday February 17, 2016. The Class Notes belongs to 115 at Clarion University of Pennsylvania taught by Valentine in Spring 2016. Since its upload, it has received 17 views. For similar materials see Conservation in Geography at Clarion University of Pennsylvania.


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Date Created: 02/17/16
Economics science that seeks to understand and explain the production, distribution, and consumption of goods and services Microeconomics Economic behavior of individuals, households, and businesses Inputs commodities that companies need to produce goods and services Outputs goods and services Macroeconomics performance, structure, and behavior of national or regional economies Command Economy state or government manages Market economies Production, distribution, and price of goods and services are made by private individuals (business owners) Law of Supply and Demand describes the market relationship between buyers and sellers - Says that the price of a good or service determines both the quantity supplied by manufacturers and the quantity demanded by consumers - If the supply exceeds the demand the price falls - Therefore demand is elastic Directive Principles 1. Earth’s resources are limited 2. Humans are a part of nature 3. Key to success is cooperation with nature 4. Natural systems are essential to human welfare Bio centric views see nonhuman living being that inhabit the earth as of primary importance. Eco centric views see ecological integrity and ecological processes are of utmost value.


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