ECON 2100 UGA Exam
1 with complete
verified solutions
Economics - answer the study of how society manages its scarce resources
and influences
Six key ideas define the economic way of thinking: - answer •A choice is a
tradeoff
•People make rational choices by comparing benefits and costs.
•Benefit is what you gain from something.
•Cost is what you must give up to get something.
•Most choices are "how much" choices made at the margin.
•Choices respond to incentives.
Markets can fail - answer Externalities (positive or negative)
Public goods (non-rival and non-excludable)
Tragedy of the commons (depletion or spoiling of shared resources)
Economic theory explains - answer What we observe in reality, including
environmental problems
, circular flow model - answer A diagram that traces the flow of resources,
products, income, and revenue among economic decision makers
Materials Balance Model - answer positions the circular flow within a larger
schematic to show the connections between economic decision making and
the natural environment
Residuals - answer Pollution remaining in the environment after some
process has occurred.
Can be delayed, but not prevented, through recovery, recycling, and reuse.
First Law of Thermodynamics - answer Energy can be transferred and
transformed, but it cannot be created or destroyed.
Second Law of Thermodynamics - answer When energy is transformed, the
quantity of energy remains the same, but its ability to do work diminishes
Nature's capacity to convert matter and energy is not without bound
Natural Pollutants - answer Dust, Pollen and spores, Volcanic eruptions (sulfur
dioxide)
Anthropogenic Pollutants - answer Are human induced and include all
residuals associated with the economic activities such as consumption and
production. •Chemical wastes •Gases from combustion
Sources of Pollution - answer Sources grouped by mobility:
Stationary sources: fixed-site
Mobile Source: any non-stationary source
1 with complete
verified solutions
Economics - answer the study of how society manages its scarce resources
and influences
Six key ideas define the economic way of thinking: - answer •A choice is a
tradeoff
•People make rational choices by comparing benefits and costs.
•Benefit is what you gain from something.
•Cost is what you must give up to get something.
•Most choices are "how much" choices made at the margin.
•Choices respond to incentives.
Markets can fail - answer Externalities (positive or negative)
Public goods (non-rival and non-excludable)
Tragedy of the commons (depletion or spoiling of shared resources)
Economic theory explains - answer What we observe in reality, including
environmental problems
, circular flow model - answer A diagram that traces the flow of resources,
products, income, and revenue among economic decision makers
Materials Balance Model - answer positions the circular flow within a larger
schematic to show the connections between economic decision making and
the natural environment
Residuals - answer Pollution remaining in the environment after some
process has occurred.
Can be delayed, but not prevented, through recovery, recycling, and reuse.
First Law of Thermodynamics - answer Energy can be transferred and
transformed, but it cannot be created or destroyed.
Second Law of Thermodynamics - answer When energy is transformed, the
quantity of energy remains the same, but its ability to do work diminishes
Nature's capacity to convert matter and energy is not without bound
Natural Pollutants - answer Dust, Pollen and spores, Volcanic eruptions (sulfur
dioxide)
Anthropogenic Pollutants - answer Are human induced and include all
residuals associated with the economic activities such as consumption and
production. •Chemical wastes •Gases from combustion
Sources of Pollution - answer Sources grouped by mobility:
Stationary sources: fixed-site
Mobile Source: any non-stationary source
