Environmental Issues 1021G
W January 6
o Physical and Natural Science
o Social Science/Humanities
What is the environment?
all biotic and abiotic factors (external fac
American Experience Earth Days
Note: This is testable material. Questions will be taken from this handout and put on
the midterm. We will not take up the answers to these questions as it is not different
that if I were lecturing and you were taking notes.
Markets and Prices
-a market that has many buyers and many sellers, so on single buyer or seller can influence the price.
producers oer items for sale only if the price is high enough to cover their opportunity cost.
consumers respond t
Definition of Economics
to get everything.
-the social science that studies the choices that individuals, businesses, governments, and entire societies make as they
scarcity and the incentives
that influence and
Price Elasticity of Demand
-a measure of the responsiveness of a products quantity demanded to a change in the products price.
-a unit-free measure of the responsiveness of the quantity demanded of a good to a change in its price when all oth
Production Possibility Frontier
The Production Possibility Frontier
Production possibility frontier (PPF)
-boundary between unattainable and attainable production possibilities.
-shows maximum combinations of outputs given resourced and technology.