Economics - EconomicsandResource Management Lecture3...

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Economics and Resource  Management Lecture 3 Please be sure to bring with you the following paperwork to be considered for the position: 1) Your social security card 2) Photo ID (driver's license or Rutgers ID or Passport) 3) VISA and the employment card, if applicable If you are interested in being a paid note-taker for this class, please drop by the Office of Disability Services at 151 College Avenue located in the Kreeger Learning Center in Room 123 between the hours of 10:00 am to 2:00 pm Monday through Friday. The position pays $7.25 an hour. Important Announcement
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What does Economics Have to do with  Resource Management? Well, just about everything Natural resource management decisions are made on  economic grounds Our valuation or nonvaluation of resources and ecosystem  services significantly determines our relationship with them
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What is an economy? The system by which we value (put a price on) goods and  services, and decide who produces what 2 branches of study - Microeconomics – study of individual, household and  business behavior Macroeconomics – bigger picture – the performance,  structure and behavior of regional and national economies Both are important for natural resource management
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Economic Systems Three main types, distinguished by importance of  money and who makes the decisions Subsistence economies – § Traditional agricultural, pastoral, hunter-gatherer economies § Not money based – bartered goods and services for trade § Few surpluses (excess goods) produced § Low impact, but impacts accumulate
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Economic Systems Market economies – § Production decisions made by individuals and businesses  § Profit is the goal – earn more by selling a good or services than is  spent on production § Competition between firms is key component § Profit motive should drive efficiency of labor and resource use But market systems have  trouble dealing with natural  resources
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Economics - EconomicsandResource Management Lecture3...

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