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Market failure

Botkin and Keller Chapter 27 Reading Guide

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APES- Chapter #27- Dollars and Environmental Sense: Economics of Environmental Issues Name: _________________________________________ 1) Read, ?The Economics of Mahogany? Case Study on pg. 583. Make a concept map showing the environmental issues associated with harvesting the wood of the mahogany tree. 2) How much $ does the United States spend dealing with pollution each year? 3) Explain and give an example of the difference between a tangible and intangible factor in environmental science. 4) What is ?The Tragedy of the Commons? and what are some examples of commons being exploited in the United States? 5) Why does low growth rate contribute to exploitation of a natural resource? Explain.


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Chapter 24 Outline Economic Systems and Sustainability A. An economic system produces and distributes goods and services by using natural, human, and physical resources. 1. An economic system produces, distributes and consumes goods and services. 2. Three types of resources are used to produce goods and services, natural resources, human resources (labor and skills), and physical or manufactured resources (tools, machinery, etc) B. A purely free-market system is a theoretical ideal where buyers and sellers interact in markets without interference by government or other interference. 1. In the ideal, all economic decisions are governed by demand and supply and price.
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