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EC238 Exam Notes 2013.docx

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Department
Economics
Course
EC238
Professor
Sharif Khan
Semester
Fall

Description
EC238ExamNotes2013Chapter1Circular Flow Modelillustrates the real and monetary flows of economic activity through the factor market and the output marketReal flow runs counter clockwise Monetary flow runs clockwiseMaterials Balance Modelpositions the circular flow within a larger schematic to show the connections between economic decision making and the natural environmentFlow of resources from the environment to the economyThe focus of Natural Resource Economics Flow of residuals from the economy to the environmentThe focus of Environmental EconomicsThe flow of resources and residuals are balanced according to laws of science First Law of Thermodynamics Matter and energy can neither be created nor destroyedSecond Law of ThermodynamicsNatures capacity to convert matter and energy is not without boundResidualthe amount of a pollutant remaining in the environment after a natural or technological process had occurredAssimilative capacitythe capacity of a residual to be absorbed naturally in the environment eg carbonCausesofEnvironmentalDamageNatural Pollutants arise from nonartificial processes in natureeg ocean salt spray pollen Anthropogenic Pollutants are human induced and include all residuals associated with consumption and productioneg chemical wastes gases from combustion Of greater concern to environmental economistsSourcesofPollutionSources grouped by mobilityStationary Sources fixedsite Mobile Source any nonstationary sourceSources grouped by identifiability Point source single identifiable sourceNonpoint Source a source that cannot be accurately identified degrading in a diffuse wayScopeofEnvironmentalDamageLocal PollutionDamage not far from the source eg urban smog Regional PollutionDamage extends well beyond the sourceeg acidic depositionGlobal PollutionInvolving widespread environmental effects with global implicationseg global warming ozone depletionEnvironmentalObjectivesEnvironmental Qualityreduction in anthropogenic contamination to socially acceptable levelsSustainable Developmentmanagement of resources to ensure longterm quality and abundanceBiodiversityassuring the variety of distinct species genetic variability and variety of inhabitable ecosystemsNational Environmental Policy Act NEPA of 1969Directs the integration of effort across agencies executive departments and branches of government in the USGuides US federal environmental policyRequires that environmental impact of public policy proposals be addressed
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