ECO 370 Wk 1 – Economics and the Environment Worksheet

Complete the Economics and the Environment Worksheet.

Submit your assignment.

Economics and the Environment Worksheet

Respond to each question with a minimum of 150 words.

1. What is willingness to pay? How does this relate to the concept of demand?

2. When determining the cost of manufacturing a product, what considerations are included in the cost? Provide an example of a product and explain each consideration in relation to your example.

3. When purchasing construction materials for a home renovation, what factors should a homeowner consider? Provide an example of a green building product—a sustainable alternative construction material—and explain each factor in relation to your example. Address how the choice of using this particular green building product might influence and be influenced by supply and demand.

4. What assumptions do economists make? Why does each assumption matter in environmental economics?

5. Is the environment an economic asset? Is the environment a social asset? Explain.

6. How does global demand for fish affect marine natural resource economics?

7. How is the supply of forest goods influenced by privately and publicly owned forests?

8. Why has supply and demand failed to prevent pollution?