MLI26C707 - Environmental Economics, Lectures, 27.6.2022-15.7.2022

Topic outline

• Session 2: Economy and Environment
  By applying economic analysis to environmental issues, we will see new terminology and new ideas wrapped in recognizable economics packaging. You will see forms of the production possibilities frontier and a circular flow model of the economy, but both will be phrased and described in environmental terms with a resource-based focus.
  

  • Notice how the production possibilities frontier is used to describe the trade-offs between market goods and environmental quality. These are trade-offs we must consider on a daily basis
    • as consumers deciding what combination of goods to purchased for our personal benefit
    • as business leaders who control large amounts of resources,
    • and as policy-makers for government, recognizing the imperfection of markets in environmental quality,
  • Throughout the course you will find yourselves switching among these roles, to see how different perspectives affect the decisions being made.
  • The circular flow model becomes a model of physical resources rather than factors of production and money. It also introduces us to new terminology needed in this field.
  • We then proceed to an understanding of how both resources and pollutants are categorized.

  Learning Objectives

  At completion of this learning module, you will be able to:

  • Apply a productions possibilities frontier model to market and environmental goods.
  • Recognize categories of resources and pollutants, and the characteristic differences of those categories.
  • Understand and explain the flow of resources through the economy as both factors of production and residuals.

  
  

  • Select activity Session 2 Slide Decks

    

    Session 2 Slide Decks Folder

    This folder should include Two slide decks. One for the Chapter 2 of Field and Field and the other a review of demand, supply ,equilibrium, and elasticity.