Economic Concepts in Natural Resource Management and Environmental Regulations, Quizzes of Microeconomics

Download Economic Concepts in Natural Resource Management and Environmental Regulations and more Quizzes Microeconomics in PDF only on Docsity! TERM 1 exhaustible resource DEFINITION 1 fixed supply crude oil or coal TERM 2 common-pool problem DEFINITION 2 unrestricted access to a renewable resource results in overuse TERM 3 fixed-production technology DEFINITION 3 relationship between output rate and generation of externality is fixed only way to reduce external cost of production or consumption TERM 4 variable technology DEFINITION 4 occurs when amount of externality generated at given rate of output can be reduced by altering production process TERM 5 marginal social benefit DEFINITION 5 sum of marginal private benefit and marginal external benefit of production or consumption