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Lecture 5

ENVR 101 Lecture Notes - Lecture 5: Resource Depletion

Environmental Studies
Course Code
ENVR 101
Daniel Taylor Brantley

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A social system that converts resources into:
Goods: manufactured materials that are bought, and
Services: work done for others as a form of business
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
But hard to assess the effects of pollution on health
Monetary benefits are overrepresented
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