ESPM 3261 Study Guide - Midterm Guide: Ities, Aggregate Supply, Marginal Product

• School: UMN
• Department: Environment Sci, Policy, Mgmt
• Course: ESPM 3261
• Professor: Mike Kilgore

Document Summary

Espm 3261 exam 1 study guide w/ answers. Answers supplied to most of the questions by tom indykiewicz. Natural systems & natural resources: models for classifying natural resources, examples on appendix a-1 and a-2, renewable vs. non renewable natural resources. Renewable resources any resource, such as wood or solar energy, that can or will be replenished naturally over the course of time: ex. Oxygen, fresh water, solar energy, timber, and biomass. Non-renewable resources a resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas, and coal, are considered non- renewable resources in that their use is not sustainable because their formation takes billions of years: ex. Demand: demand theory, demand schedule properties, amount quality of a good or service consumers are willing to purchase of a given price at a given period of time, inverse relationship between price and quantity.