Resource_Economics_Part_2___Handout.pdf FANR 1100
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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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