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Lecture 5

ENVR 101 Lecture Notes - Lecture 5: Resource Depletion


Department
Environmental Studies
Course Code
ENVR 101
Professor
Daniel Taylor Brantley
Lecture
5

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Economy
A social system that converts resources into:
Goods: manufactured materials that are bought, and
Services: work done for others as a form of business
Economics
Studies how people use resources to provide goods and services in the face of demand
Ecology and economics come from oikos (household)
Adam Smith
Believed that self-interested economic behavior could benefit society if laws were
followed and markets were competitive
Classical economics
When people pursue economic self-interest in a competitie aketplae …
The aket is guided y a iisile had ad …
Society benefits
This idea is a pillar of free-market thought
Neoclassical economics
Examines the psychological factors that underlie consumer choices
Market prices reflect consumer preference
Supply vs. demand
Coflit etee uyes ad selles leads to ….
Podutio of the ight uatities of a podut
Cost-benefit analysis
Costs of a proposed action are compared to benefits that result from the action
If benefits costs: pursue the action
But not all costs and benefits can be easily identified, defined, or quantified
It is easy to quantify the cost of pollution-reducing equipment or jobs created by an
activity
But hard to assess the effects of pollution on health
Monetary benefits are overrepresented
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find more resources at oneclass.com
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