ECON 2100 Exam 1 with
complete verified solutions
economics - answer a social science that studies the choices that individuals,
businesses, governments, and society make with influence from scarcity and
incentives
economic ways of thinking - answer - a choice is a tradeoff
- people make rational choices by comparing benefits and costs
- benefit is what you gain
- cost is what you give up
- most choices are "how much" choices made at the margin
- choices respond to incentives
command-and-control approach - answer regulates polluters through the use
of rules
market approach - answer incentive-based policy that encourages
conservation or pollution reduction
polluter-pays principle - answer the party that pollutes is held responsible for
covering the costs of its impacts
environmental quality - answer reduction in anthropogenic contamination to
socially acceptable levels
sustainable development - answer management of resources to ensure long-
term quality and abundance
, biodiversity - answer assuring the variety of distinct species, genetic
variability, and variety of inhabitable ecosystems
circular flow model - answer shows the real and monetary flows of economic
activity through output and factor markets
materials balance model - answer extends the circular flow model to show
links between economic activity and the natural environment
natural resource economics - answer flow of resources from the environment
to the economy
environmental economics - answer flow of residuals from the economy to the
environment
residuals - answer pollution remaining in the environment after some process
has occurred
- can be delayed, but not prevented, through recovery, recycling, and reusing
first law of thermodynamics - answer matter and energy cannot be created
nor destroyed
second law of thermodynamics - answer - nature's capacity to convert matter
and energy is limited
- during energy conversion, some of the energy becomes unusable
natural pollutants - answer arise from nonartificial processes in nature
examples:
complete verified solutions
economics - answer a social science that studies the choices that individuals,
businesses, governments, and society make with influence from scarcity and
incentives
economic ways of thinking - answer - a choice is a tradeoff
- people make rational choices by comparing benefits and costs
- benefit is what you gain
- cost is what you give up
- most choices are "how much" choices made at the margin
- choices respond to incentives
command-and-control approach - answer regulates polluters through the use
of rules
market approach - answer incentive-based policy that encourages
conservation or pollution reduction
polluter-pays principle - answer the party that pollutes is held responsible for
covering the costs of its impacts
environmental quality - answer reduction in anthropogenic contamination to
socially acceptable levels
sustainable development - answer management of resources to ensure long-
term quality and abundance
, biodiversity - answer assuring the variety of distinct species, genetic
variability, and variety of inhabitable ecosystems
circular flow model - answer shows the real and monetary flows of economic
activity through output and factor markets
materials balance model - answer extends the circular flow model to show
links between economic activity and the natural environment
natural resource economics - answer flow of resources from the environment
to the economy
environmental economics - answer flow of residuals from the economy to the
environment
residuals - answer pollution remaining in the environment after some process
has occurred
- can be delayed, but not prevented, through recovery, recycling, and reusing
first law of thermodynamics - answer matter and energy cannot be created
nor destroyed
second law of thermodynamics - answer - nature's capacity to convert matter
and energy is limited
- during energy conversion, some of the energy becomes unusable
natural pollutants - answer arise from nonartificial processes in nature
examples:
