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31 - AEM 2500 Today and Wednesday I Economics and Economic...

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AEM 2500, 8-31-09 Today and Wednesday I. Economics and Economic Principles a. 8 of 10 economic principles in the context of environmental and resource economics. II. Economics and Economic Principles Have a Role in Environmental and Natural Resource Policy Design and Evaluation. a. First wave of environmental policy. b. Second wave of environmental policy. III. Ethics and Economics a. Economic thought evolves, often reflecting and perhaps leading society. b. There is a continuum of environmental and resource economic thought. I. Economics/Economic Way of Thinking Economics: Economics is the study of how people and society choose , with or without the use of money, to allocate scarce resources that could have alternative uses , now or in the future, among various persons and groups in society. Every society must answer fundamental questions of .... – What – How For Whom Choice may be… – Individual – Group – Social
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AEM 2500, 8-31-09 I. In This Course We Will Largely Be Focusing on “Micro” Economics Microeconomics : the study of individual choice under
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