Define:

Economy

Economic

Ecology

Demand

Supply

Scarcity

Inverse

Market equilibrium

Profits and rents

Costs

Marginal costs

Price elasticity

Price inelasticity

Political economic theory

Neoclassical economic theory

Ecological Economic theory

Natural capital

Human capital

Social capital

Resource

Inexhaustible resource

Sustainable resource

Renewable resource

Proven reserve

Indicator species

Tragedy of the commons

Open access

Free rider

Discount rate

Internal cost

External cost

Why are we looking at economics?

All the materials that we use each day are produced in our environment. The ways that we use those materials and resources directly affects the environment.

The word ‘oikos’ come from where?

What does it mean?

How is ‘oikos’ used in modern language?

What was the original economic theory based on?

What is the relationship between Supply and Demand?

When supply is low, what happens to demand?

When supply is high, what happens to demand?

What happens to PRICE when demand is low?

What happens to price when demand is low?

What happens to price when supply is high?

What happens to price when supply is low?

How is scarcity related to supply, demand, and price?

How does an increasing price (demand) affect the supply of a natural resource?

Describe price elasticity and inelasticity.

Compare and Contrast Political economic theory with neoclassical economic theory and Ecological economic theory.

What are the main differences?

What is a ‘steady state economy’?

Compare and contrast Natural Capital and ‘human capital’?

Compare and contrast Natural resource, sustainable resource, renewable resource, intangible resource,

What does the supply of a natural resource depend on?

What is a ‘proven reserve’?

What is an indicator species?

How do we use ‘indicatory species’?

How are the current US laws that restrict the number of fish caught, or the number of dove or deer killed related to the supply of each of these species and the concept of open access, free rider and the ‘tragedy of the commons’.

What is ‘communal open access’ and ‘communal resource management’?

How is ‘open access’ related to resource use?

How is the ‘tragedy of the commons’ related to ‘open access’.

How is ‘free rider’ related to ‘open access’.

How does building roads into the jungle/forests lead to the ‘tragedy of the commons’?

What happens to pollution levels in frontier economies? Why?

How is ‘scarcity’ related to supply, demand, and price of a resource?

What did the ‘Club of Rome’ suggest in its ‘Limits to Growth’ study?

When was this published?

How dependable are computer models?

Why?

What do traditional economist say about resource use?

Compare and contrast: GDP, GNP, HDI, GDI, and ISEW

What is quality of life?

How is it measured?

How do each of these GDP, GNP, HDI, GDI and ISEW measure quality of life.

What was the estimated price that ecological economists put on natural resources in 1997?

What are the different ways that natural resources valued?

List em.

What is a ‘discount rate’?

How is the ‘discount rate’ used to plan resource use today.

Compare and contrast Internal costs vs External Costs.

Today, factories are required to put ‘scrubbers’ on their smoke stacks, which costs them money, but protects OUR environment – this is an example of the factory paying the costs of producing their product – this is an example of ____ costs?

Farmers apply fertilizers and pesticides to their fields which dissolve in rainfall and are washed into the rivers and lakes. We use the lakes and rivers for drinking water and have to either clean up the water for our use, or pay the medical bills associated with the pollution. This is an example of ___ costs.

What was Congress trying to do when the 1990 Clean Air Act put a price tag on volumes of pollution produced by manufacturers?

What is Congress trying to do now, when dairy farmers are required to install pollution control systems?

Compare and contrast the World bank and Grameen banks.

What is the target client for each?

How much money does each lend?

Which is most successful from an environmental viewpoint?

Why are many businesses willing to use the ‘design for the environment’ approach and adopt ‘green’ ethics?

Some argue that environmental protection causes the LOSS of jobs. Support or reject this claim.

Why do you support or reject this claim? What does the book say?

Now- what is the one (1) resource that YOU have?

Why are you in school?

How will an ‘education’ affect the price of your ‘time’?

Is ‘time’ a scarce resource?

Why or why not?