CHAPTER #7 QUESTIONS
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 whalec. The high price of walnut wood used in furniture
a. A cherry plantation
b. A walnut plantation
c. A mixed stand of both speciesd. An unmanaged woodland where you see some cherry and walnut growing
Intangible:
Key terms:
Commons - A land owned publicly, with area access for private uses.
Direct Costs -Those borne by the producer in obtaining, processing, and distributing a product passed directly on to the user or purchaser.
Environmental economics - How to persuade people, organizations and society at large to act in a way that benefits the environment, keeping it as free as possible of pollution and other damage, keeping our resources sustainable and accomplishing these goals within a domestic framework.
Externality - Costs or benefits that don't show up in the price tag.
Indirect Cost - Same definition as externality.
Intangible factor - One you can’t directly touch, but you can value it as with the beauty of the slope before the mudslide.
Natural capital - Ecological systems that provide public service functions.
Policy instruments - What we do, what we can do, and how we do it.
Public-service functions - Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage.
Risk-benefit analysis - Riskiness of a present action in terms of its possible outcomes is weighed against the benefit, or value, of the action.Tangible factor - One you can touch, buy seller
a. The fate of the California condor
b. The fate of the great whalec. The high price of walnut wood used in furniture
- The tragedy of the commons is when a resource is shared, an individual’s personal share share of profit from its exploitation is usually greater than his or her share of the resulting loss.
- Risk-benefit analysis is the riskiness of the future against the importance we place on things in the present.
a. A cherry plantation
b. A walnut plantation
c. A mixed stand of both speciesd. An unmanaged woodland where you see some cherry and walnut growing
- I would probably invest in a mixed stand of both species because it's better if there's an option for everyone to pick in and if I only invest in one species, it would be an environmental problem because it might extinc.
- People must be educated on how every species in the world is important and that we should value them, one species can still continue existence in the environment but if people don't value that, they would extinc.
- Domestic chickens is important for the food but also a major source of disease. Humans are smart enough to make a treatment to get rid of the disease, chickens are one of the top food of humans and they value the environment.
- Again, human are smart enough to find out a way to protect each other, but in the other hand, some people are very careless about the food they eat and water they drink. Many people in other countries pick up diseases because of pollution, and we should be more careful on that.
Intangible:
- The view of Mount Wilson in California
- Clean Air
- A road to the top of Mount Wilson
- Porpoises in the ocean
- Tuna in the ocean
- The statement “Extinction is forever” means that if the species become extinct, it will be gone forever and there's no way it will come back. We might approach providing an economic analysis for extinction to protect their habitat and for treatment.
- Tuna fisheries in the open ocean.Many fishermen have always been hunting for tunas. Tunas are very expensive and it's the fish that everyone wants to eat. Which means that fishermen are over-fishing and they don't give enough time for tunas to reproduce.
Key terms:
Commons - A land owned publicly, with area access for private uses.
Direct Costs -Those borne by the producer in obtaining, processing, and distributing a product passed directly on to the user or purchaser.
Environmental economics - How to persuade people, organizations and society at large to act in a way that benefits the environment, keeping it as free as possible of pollution and other damage, keeping our resources sustainable and accomplishing these goals within a domestic framework.
Externality - Costs or benefits that don't show up in the price tag.
Indirect Cost - Same definition as externality.
Intangible factor - One you can’t directly touch, but you can value it as with the beauty of the slope before the mudslide.
Natural capital - Ecological systems that provide public service functions.
Policy instruments - What we do, what we can do, and how we do it.
Public-service functions - Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage.
Risk-benefit analysis - Riskiness of a present action in terms of its possible outcomes is weighed against the benefit, or value, of the action.Tangible factor - One you can touch, buy seller