1. What is an "economy"?

2. What are the defining characteristics of these two economic systems?

    subsistence economy:

    market economy:

3. How is the environment viewed in classical or neoclassical economics?

4. What are the 4 assumptions in neoclassical economics which contribute to environmental problems?

5. Why has economic growth been considered desirable throughout human history?

6. How would a Steady-state economy differ from the current models?

7. What is meant by the term "non-market" values?

8. List the types of non-market value discussed in the text- know examples

9. What does environmental economics hope to do to address the misuse of goods and services that traditionally have no market value?

10. Specifically, give some examples of ecosystem services.

11. What is the estimated annual $ value of ecosystem goods and services, globally?

12. When markets fail to give the correct price or market signal, what happens?

13. What are the 3 hallmarks of good environmental policy?

14. Understand the following approaches to environmental policy:

Command and control-

Market based incentives:

    Subsidies and rebates-

    green taxes-

    tradable pollution permits-

    eco-labeling-

17. Know the impact of Rachel Carson and her book Silent Spring.