xid-4966155_2 - Tuesday, Aug. 30 Economics of Natural...

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Tuesday, Aug. 30 Economics of Natural Resources, Energy, and the Environment – ECP 3302 Introduction to the course : What is environmental & natural resource economics; why study it? Economics studies the allocation of scarce resources (like land, labor, capital) among competing uses. Natural resources (crude oil, fish, minerals, timber from temperate forests) and environment (air and water, wetlands, tropical forests) are scarce resources, with various (and competing) uses. Economic theory and methods are applied to many fields and areas of interest: for example: - labor markets - financial markets - international trade & finance Environmental/ Natural Resource economics applies the analytical methods of economics (primarily microeconomics) to problems of environmental quality and natural resource scarcity. Distinguishing economic characteristic of many environmental and natural resources: They are generally not provided by markets, So they do not have explicit prices,
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xid-4966155_2 - Tuesday, Aug. 30 Economics of Natural...

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