Issues in Environmental Economics (GT
Issues in Environmental Economics (GT ECON 240
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This 2 page Class Notes was uploaded by Judson Hoeger on Tuesday September 22, 2015. The Class Notes belongs to ECON 240 at Colorado State University taught by Robert Kling in Fall. Since its upload, it has received 163 views. For similar materials see /class/210325/econ-240-colorado-state-university in Economcs at Colorado State University.
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Date Created: 09/22/15
ECON 240 Issues in Environmental Economics Prof Bob Kling Fall 2011 FTU LEARNING OBJECTIVES FOR TEST 1 Topic 1 Introduction la Explain how the economy and the environment are linked lal Give distinct examples of how economic activity affects the environment 7 the 3 Us lall Give examples of degradation lal2 Give examples of depletion lal3 Give examples of displacement la2 Give distinct examples of how environmental quality affects economic performance la2l Give examples of productivity effects la22 Give examples of health effects la23 Give examples of amenity affects la24 Give examples of existence values la3 Characterize some aspects of the interactions la3l Def1ne open system and closed system la32 Explain how the economy could be open or closed with respect to the environment la33 Def1ne negative feedback loop and positive feedback loop and give examples lb Summarize the fundamental purpose of an economic system lc Know some key aspects of the course organization lcl Be familiar with the general scope and topics lc2 Know your instructor s name and of ce location lc3 Know the details of the grading system for this course Topic 2 Value and Efficiency 2a Elaborate on the basic economic problem 2al De ne economics explain the relevance of the word scarcity 2a2 Be familiar with the 3 Fundamental Economic Questions 2a2l Explain the WHAT question and give environmental and non environmental examples 2a22 Explain the HOW question and give environmental and non environmental examples 2a23 Explain the FOR WHOM question and give environmental and non environmental examples 2b Know the Production Possibilities Curve model 2bl Give a basic definition ofthe PPC 2b2 Draw and example of a PPC and explain what points in the graph mean 2b3 Illustrate possible and impossible points 2b4 Illustrate how inef cient resource organization shows up in the PPC 2b5 Illustrate trade offs with the PPC explain the meaning of opportunity cost give examples 2b6 Explain the bowed out shape 2b7 Explain how the WHAT and HOW questions relate to the PPC 2b8 Explain whether there is always a trade off between environment and consumption 2c Be familiar with ef ciency criteria for decision making 2cl Give examples of public and private decisions tangible and intangible and explain how bene ts and costs are relevant to good decisions 2c2 Understand the Allocative Eff1ciency Criterion 2c2l Calculate Marginal Cost from Total Cost and vice versa same for Marginal Benefit 2c22 Use MC and MB information to identify the ef cient level of an activity 2c23 Draw a graph of MB and MC and identify the efficient level of the activity 2c24 State the general rule for allocative ef ciency the Principle of Rational Economic Decision Making 2c25 Understand the Invisible Hand concept as it relates to allocative eff1ciency 2c25l Explain how MB and MC relate to Demand and Supply in a market 2c252 Def1ne Consumer Producer and Total Surplus and show graphically 2c253 Explain the efficiency attribute of markets using the Surplus concept 2c26 Explain how an environmental good can be considered to have a Demand and a Supply even if it is not sold in a market
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