intro

Question 1

natural resource economic

Answer 1

focuses on the supply, demand, and allocation of the Earth’s natural resource

Question 2

environmental economics

Answer 2

subfield of economics concerned with environmental issues
includes valuation, risk, and pollution:
- non-market valuation (benefit analysis)
- regulation, market based incentives (taxes)
- risk and uncertainty ties to environmental problems (exposure risk)
- water resources - quality
- cost analysis

Question 3

environmental v natural resource economics

Answer 3

artificial distinction
typically natural resources include energy and non-renewables, such as a fragile ecosystem, the air we breathe, the water in a lake, etc.

Question 4

energy and non-renewables ex

Answer 4

optimal harvest of forests, fish
oil, coal, natural gas
sustainable development 
dynamic optimization 
social welfare and availability of resources

Question 5

three important questions

Answer 5

• what is the correct problem conceptualization
• can / how do economic and political institutions responses
• how to balance current generation and future generations needs