Professional Documents
Culture Documents
Need to know
Externalities: In a perfect market the price of a good or service will reflect all
possible costs like pollution. In the real market prices are often too low
because they don't take into account externalities.
Energy use per unit output is determined by what TECHNOLOGY you use to
create the energy. BTU/miles traveled or BTU/ton of steel, etc
Know what type of histogram graphs are associated with different types of
countries.
Wealth comes from stocks, income comes from the flow of stock
With environmental examples like oil and gas mining, the fact that
they are selling a product that is disappearing is not reflected in their
wealth.
Efficiency standards are the most expensive way to alter policy (command
and control) because when politicians pass laws, they don't think of the most
cost-effective solutions that can be utilized.
Command and Control are generally the fastest
Best First explanation in the 1930s.. ore grade jumped sharply because in
the depression only the high-grade copper mines could stay open.
Endemic species = a species that is found in one place and nowhere else.
Ant species that is unique but lives on one specific tree in tropics