1. What is meant by the term the "tragedy of the commons?" Which of the following are result of this tragedy?
a. the fate of the California condor
b. the fate of the great whale
c. the high price of walnut wood used in furniture
=The meaning of the term, "Tragedy of the commons" is when an individuals personal share of profit from its exploitation is greater than his or her share of the resulting share of the resulting loss. The result of this tragedy is C. The high price of walnut wood used in furniture.
2. What is meant by risk-benefit analysis?
=It means that to establish whether the benefits of a course of medical treatment, to exceed the risk.
3. Cherry and walnut are valuable woods used to make fine furniture. Basing your decision on the information in the following table, which would you invest in?
=I would invest in a C. Mixed stand of both species because there are enough of woods on the both sides of the species that can create fine furniture, if I planted to only one specie of a tree then that tree would be used until it became extinct. Then, If I planted the both species then there should be a balance to use to make a fine furniture.
4. Bird flu is spread in part by migrating wild birds. How would you put a value on (a) the continued existence of one species of these wild birds; (b) domestic chickens important for food but also a major source of the disease; (c) control of the disease for human health? What relative value would you place on each (that is, which is most important and which least?) To what extent would an economic analysis enter into your valuation?
5. Which of the following are intangible resources? Which are tangible?
Intangible:
Tangible:
6. What kind of future value is implied by the statement "Extinction is forever?" Discuss how we might approach providing an economic analysis for extinction.
=The kind of future value is implied by the statement "Extinction is forever" is that when a species is extinct, there is no solution for them to be revived or alive again. We approach by when the species went extinct, then there is no way for an extinct species to hold the economic in a useful ways.
7. Which of the following can be thought of as commons in the sense meant by Garret Hardin? Explain your choice.
= Tuna fisheries because people tend to eat more tuna than any other fish. The fishermans will most likely to overfish than letting some of the tuna go to reproduce, they get more money from selling tuna.
Key terms:
Commons
=A land owned publicly, with area access for private uses.
Direct Costs
= It is referred to a material, labor or expenses that is related to a production of a product
Environmental economics
= It is a field where economics are concerned about environmental issues
Externality
= It's a consequence where an economic activity that were accomplished by a third party
Indirect Cost
=A costs or an expense that didn't have a price tag
Intangible factor
=Factor that affects a decision
Natural capital
=Ecological systems that provide public service functions.
Policy instruments
=It is a method used by the government to achieve their desired goals
Public-service functions
=Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage.
Risk-benefit analysis
=An analysis that wants to evaluate the risk and benefits of hence their ratio.
Tangible factor
Capable of being touch or real
a. the fate of the California condor
b. the fate of the great whale
c. the high price of walnut wood used in furniture
=The meaning of the term, "Tragedy of the commons" is when an individuals personal share of profit from its exploitation is greater than his or her share of the resulting share of the resulting loss. The result of this tragedy is C. The high price of walnut wood used in furniture.
2. What is meant by risk-benefit analysis?
=It means that to establish whether the benefits of a course of medical treatment, to exceed the risk.
3. Cherry and walnut are valuable woods used to make fine furniture. Basing your decision on the information in the following table, which would you invest in?
=I would invest in a C. Mixed stand of both species because there are enough of woods on the both sides of the species that can create fine furniture, if I planted to only one specie of a tree then that tree would be used until it became extinct. Then, If I planted the both species then there should be a balance to use to make a fine furniture.
4. Bird flu is spread in part by migrating wild birds. How would you put a value on (a) the continued existence of one species of these wild birds; (b) domestic chickens important for food but also a major source of the disease; (c) control of the disease for human health? What relative value would you place on each (that is, which is most important and which least?) To what extent would an economic analysis enter into your valuation?
5. Which of the following are intangible resources? Which are tangible?
Intangible:
- The view of Mount Wilson in California
- Clean Air
Tangible:
- Porpoises in the ocean
- Tuna in the ocean
6. What kind of future value is implied by the statement "Extinction is forever?" Discuss how we might approach providing an economic analysis for extinction.
=The kind of future value is implied by the statement "Extinction is forever" is that when a species is extinct, there is no solution for them to be revived or alive again. We approach by when the species went extinct, then there is no way for an extinct species to hold the economic in a useful ways.
7. Which of the following can be thought of as commons in the sense meant by Garret Hardin? Explain your choice.
= Tuna fisheries because people tend to eat more tuna than any other fish. The fishermans will most likely to overfish than letting some of the tuna go to reproduce, they get more money from selling tuna.
Key terms:
Commons
=A land owned publicly, with area access for private uses.
Direct Costs
= It is referred to a material, labor or expenses that is related to a production of a product
Environmental economics
= It is a field where economics are concerned about environmental issues
Externality
= It's a consequence where an economic activity that were accomplished by a third party
Indirect Cost
=A costs or an expense that didn't have a price tag
Intangible factor
=Factor that affects a decision
Natural capital
=Ecological systems that provide public service functions.
Policy instruments
=It is a method used by the government to achieve their desired goals
Public-service functions
=Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage.
Risk-benefit analysis
=An analysis that wants to evaluate the risk and benefits of hence their ratio.
Tangible factor
Capable of being touch or real