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ECON 2100 (7)
Chapter 1

Chapter 1- What is Environmental Economics

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University of Guelph
ECON 2100
Ross Mc Kitrick

Chapter 1- What is Environmental Economics? Friday, May 10, 2013 1:11 PM Definitions Economic Efficiency- occurs when the economy's resources are allocated to their best uses; an equilibrium is reached in which the marginal benefits of an activity equal the marginal costs Equity- concern about how a public policy or other economic decision affects people with different levels of income: examining who gets the benefits and who gets pays the costs Incentives- an incentive is something that attract or repels people and leads them to modify their behaviour in some way. An economic incentive is something in the economic world that leads people to channel their efforts at economic production and consumption in certain directions Externality- an externality exists when markets fail to incorporate the social costs or benefits a person or firm's actions have on others Property Rights- a property right gives the holder the right to do certain things with a tangible asset. In environmental economics, the asset is typically a type of natural resource, land, water or the atmosphere Society Efficient Level of Pollution- the level of pollution where the marginal damages from another unit of pollution released into the environment equal the marginal costs of reducing a unit of pollution Private Costs- the market value of labour, raw materials, machinery, energy
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