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The following questions are to be answered in outline format. There are 12 questions. There are no requirements for pages/words, and sources.
1. To a great extent, Economics is about connecting the dots (finding relationships between seemingly unrelated things).
a. Our behavior impacts our ecosystem and the ecosystem services. Those impacted ecosystem services in turn have impacts on the people and economies of the global north and global south.
i. Pick 5 ecosystem services from the list in slide 13.
ii. Explain how each of your 5 ecosystem services is supposed to work.
iii. Thoroughly explain the human behavior that has disrupted each of those services.
iv. Explain how those disruptions to each ecosystem service impacts the two different parts of the world (the global north and global south).
b. For each of the 5 ecosystem services, thoroughly explain 3 things that we should start doing right now to repair or at least stop the damage to the 5 ecosystem services you selected. Be sure you provide and explain 3 recommendations for EACH of the 5 ecosystem services you selected!
2. Planet Earth is our only home for the time being. As global populations grow and our resources dwindle, we should worry more about the issues of c. Scarcity and Choice.
i. List the 5 most critical nonrenewable resources.***do not use the following***: (oil of any kind, any kind of fossil fuel including coal, or natural gas, shale oil, timber, gold, silver, copper, lead or Uranium) please don’t use nuclear power (it’s the output of a production process)
ii. Do some research on critical nonrenewable resources and make your list. If you are having trouble finding good ones, check out the rare earth elements.
iii. For EACH of the 5, explain why it is so critical to global economies, 1. Discuss why those nonrenewable resources are so critical to us. What’s it used for and why are those things so critical? You need to be thorough.
iv. For EACH of the 5, discuss 3 things we need to start doing today relative to that nonrenewable resource, to avoid running out of that resource. 1. Discuss the implications of your choices, both positive and negative. Make sure you have 3 suggestions for EACH of your 5 resources.
d. The theory of rational behavior says that we humans act in our own self-interest. Given our actual behavior and the decisions we have made and are continuing to make relative to the planet, please:
i. Explain how over-pumping aquifers around the world is in our best interest. Specifically,
1. Define over-pumping of aquifers.
2. Explain how the continued over-pumping of aquifers in America, China, and India, could impact our ability to survive on the planet. Hint – what do America, China, and India have in common relative to aquifers?
3. Discuss 3 things we can do to stop the overpumping problem. Focus on the top uses of water in the world. Hint – personal use is not one of them. Need some detail here.
e. Utility Concepts: i. Explain the 3 concepts: Utility, Marginal Utility, and Diminishing Marginal Utility.
ii. Explain how EACH of those 3 concepts relate to a yes or no decision to implement the Keystone XL Pipeline project. 1. You should be able to explain each of these concepts as they relate to rational behavior. 2. You should be able to discuss the implications of our not always behaving rationally. 3. You should discuss each concept as it relates to the Keystone decision.
f. The Theory of Consumer Behavior:
i. Explain EACH of the key dimentions of the Theory of Consumer Behavior and what the theory tells us.
ii. Does the theory of consumer behavior reflect reality? If yes, then why. If no, the why not.
g. Marginal analysis is a decision-making tool.
i. Please define Marginal Cost and Marginal Benefit,
ii. Explain these 3 cases in terms of what you should do regarding an activity.
1. MB>MC 2. MC>MB 3. MC=MB
iii. Explain 3 examples of MC and 3 examples of MB related to the Keystone XL Pipeline question.
3. The Production Possibilities Model is one of the first Economic Models students learn about.
h. Please explain what the model teaches us.
i. Please explain each of the 4 assumptions of the model.
j. Please explain Productive Efficiency and how it relates to the ppc.
k. For Allocative Efficiency
i. Please provide a thorough explanation of Allocative Efficiency.
ii. Please provide a thorough explanation of the 2 step process for finding the point of allocative efficiency on the PPC.
l. On the topic of Economic growth: need to see some detail here. i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important to you and your country? v. Please provide thorough explanation of 3 factors that would tend to limit economic growth. Be sure you explain how those factors would actually limit economic growth.
m. The Presentville – Futureville case: 1. Explain what motivated each group to make the decisions they made. 2. Explain the impact of those decisions on the future of each group. 3. Which group is most like America, and why? 4. What does this case teach you?
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