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by: Caitlyn Mackenzie

Resource_Economics_Part_2___Handout.pdf FANR 1100

Marketplace > University of Georgia > FANR 1100 > Resource_Economics_Part_2___Handout pdf
Caitlyn Mackenzie
GPA 3.8

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About this Document

This is the second handout of the second section in the class. This section is called Natural Resources Economics. The material on this handout, the past handout, and the future class notes will be...
Forestry and Natural Resources Conservation
Class Notes
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This 2 page Class Notes was uploaded by Caitlyn Mackenzie on Sunday August 21, 2016. The Class Notes belongs to FANR 1100 at University of Georgia taught by Wilde in Fall 2016. Since its upload, it has received 4 views.


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Date Created: 08/21/16
Natural Resource Economics: Part 2 FANR/MARS 1100 Law of Supply and Demand  The basic framework is the relationship between price, quantity, supply and demand  Price directly affects quantity Supplied and quantity demanded  Supply o  price   supply o price)  supply  Demand o  price  demand o price   demand Economics  Seeks to understand and explain production, distribution and consumption of goods and  services  Definitions o Goods = physical items, products o Services = labor; cost of service provider; cable; phone bill; internet; interest rates  Two Components o Input = commodities need to produce goods and services o Output = goods and services Economic Systems  Command o state control or central control o Also known as communism  Market o supply and demand o Also known as capitalism o Dollar control  If the price moves in response to supply and demand, then the price is elastic Price Elasticity of Demand  Responsiveness of demand to price o elastic demand – great change in demand in response to price change  o inelastic demand – little change in demand in response to price change Gross National Product (GNP)  Total dollar value of all goods and services produce by an economy  All dollars are equal Economy and Environmental Myths  Myth #1 – Environmental protection is bad for the economy o Generally, because “protection” means cleanup o prevention is much less costly.  Myth #2 – Environmental protection is about quality of life and economics is about survival. o Had to survive without a good quality of life o Environment is not a luxury; it is a necessity to a good quality of life  Myth #3 – All economic growth is good. o To continue to grow, we have to use more resources which are increasingly scare. o To maintain our quality of life, we need to recycle along with reduce and reuse. 


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