Note on Microeconomics for Strategists Case Solution,Note on Microeconomics for Strategists Case Analysis, Note on Microeconomics for Strategists Case Study Solution, Summarizes the core concepts of microeconomics of markets that are most relevant to business strategy.
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Summarizes the core ideas about the microeconomics of markets that are most relevant to business strategy. Sections I and II develop two basic building blocks of any market, demand and supply. Section II discusses how demand and supply interact to determine the quantity of goods traded in a market and the price paid for those goods, with special attention to the way that external events influence the quantity traded and the price paid. Section IV presents the important benchmark of 'perfect competition,' in which equally matched firms compete so vigorously and market entry is so easy that no firm earns more than its cost of capital. Section V explores the ways that real markets depart form perfect competition. These departures lie at the heart of long-run profitability.
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<p>A DICTIONARY OF ENVIRONMENTAL ECONOMICS, SCIENCE, AND POLICY</p><p>For Ariana and Brecon, Emma, and Alexa</p><p>A Dictionary of Environmental Economics, Science, and Policy</p><p>Institute of the Environment and Department of Economics, University of Ottawa, Canada School of International Relations and Wrigley Institute for Environmental Studies, University of Southern California, USA Forest Economics and Policy Analysis Research Unit, University of British Columbia, Canada</p><p>R. Quentin Grafton</p><p>Linwood H. Pendleton</p><p>Harry W. Nelson</p><p>Edward ElgarCheltenham, UK Northampton, MA, USA</p><p>0 R. Quentin Grafton, Linwood H. Pendleton, Harry W. Nelson 2001.</p><p>All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA</p><p>UKEdward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA</p><p>A catalogue record for this book</p><p>is available from the British Library</p><p>Library of Congress Cataloguing in Publication Data Grafton, R. Quentin, 1962A dictionary of environmental economics, science and policy / R. Quentin Grafton, Linwood H. Pendleton, Harry W. Nelson. p. cm. 1. Environmental economics-Dictionaries. 2. Environmental science-Dictionaries. I. Pendleton, Linwood H., 1964- 11. Nelson, Harry W., 1961- 111. Title. HC79.E5 G685 2001 333.703-dc21</p><p>ISBN 1 84064 126 6 Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall</p><p>Table of ContentsAcknowledgements....................................... vii Preface .................................................ix Introduction ............................................. xi xiii Economics for the Environment: A Primer ................... International Environmental Problems: A Primer ..............xxxi Environmental Systems, Dynamics and Modeling: A Primer.... m i x Annotated References: A Starting Point ..................... xlvii Dictionary of Environmental Economics, Science, and Policy. ...... 1 References .............................................3 1 1 Appendix 1: Greek Alphabet .............................. 327 Appendix 2: Roman Numerals ............................. 329 Appendix 3: Systkme Internationale Units .................... 33 1 Appendix 4: Prefixes of the Systkme Internationale (SI) .........333 Appendix 5: Common Abbreviations........................335 Appendix 6: Geological Time ............................. 337 Appendix 7: Selected Environmental Treaties and Conventions .. 339</p><p>V</p><p>This page intentionally left blank</p><p>AcknowledgementsWe are very grateful for the many authors whose papers and books helped us to understand environmental economics, science, and policy, so that we could help others. We very much appreciate the research assistance of Joske Benoit, D.G. Webster, and Cheryl Cuesta. We also thank David J. Leech for helping us to prepare the text in the forrnat required by the publishers. Merci beaucoup! Our thanks also to Dymphna Evans at Edward Elgar for her encouragement, and to Jeroen van den Bergh and Pam Mason for their most helpful reviews.</p><p>vii</p><p>This page intentionally left blank</p><p>PrefaceWith the increasing scarcity of environmental services and natural resources, it has become ever more critical to manage the environment more efficiently. Resource managers and environmentalregulators must combine natural science and economics into more effective policies. The natural sciences are critical for understanding the link between actions and consequences in nature. Economics is critical for understanding what markets will do and how to design public programs to maximize net social benefits. As most observers instinctively know, the economy is the greatest threat to nature. It is economic activities that are at the heart of most pollution, most solid and municipal waste, and most of the destruction of natural systems. In societys active pursuit of material wealth, the environment can sometimes suffer. One reason to study economics is to better understand the economy and understand why the economy uses natural resources, pollutes the air and water, and compromises pristine ecosystems. There are many reasons why markets may not make efficient environmental and natural resource decisions. Sometimes market decision makers simply overlook their impact on the environment. Sometimes there are multiple owners of resources and responsibility is diluted. Sometimes there are no owners of a resource and people rush to use it before anyone else can. All of the above market failures suggest that the economy sometimes fails to manage environmental and natural resources carefully. When market failures occur, the government must play an active role, regulating the market and encouraging investments into natural resources that would improve social outcomes. Economics plays a critical role here identifying where governments need to get involved and where markets serve effectively by themselves. Economics also helps identify how governments can best encourage markets to become efficient, how taxes can be more effectively used to control pollution, when private property rights are helpful, how trade should be managed to protect the environment, and when the government should directly manage resources. An important second role for economics is in providing a fiamework to help analyze and design more effective social programs and regulations. This framework, cost-benefit analysis, encourages governments to design programs efficiently. Environmental and natural resource programs should maximize net social benefits, the amount that benefit exceed costs. This requires governments to carefully examine andix</p><p>x A Dictionary o Environmental Economics, Science, and Policy f</p><p>measure all the benefits of taking different actions and to make sure that these benefits are large. The government must also consider all costs and try to keep these costs well below benefits. Helping design better environmental and natural resource policies is an important role for economics. Introducing economics into natural science and management programs and introducing natural science to economics programs has been a challenge for many traditional educational programs. Each discipline has its own language and terms. Although these terms are helpful in developing a careful discourse in each field, they also serve as barriers for interdisciplinaryefforts. This technical dictionary serves an important need in many interdisciplinary programs. By providing definitions of many key economic terms, the dictionary can help students and practising professionals with diverse backgrounds master the language of economics and environmental sciences more easily. The dictionary will serve a very useful role, helping people interested in environmental and natural resource topics understand each other. The book serves another important role as well. By providing a basic primer on economics, international environmental problems and ecological modeling, it provides a wonderful introduction to environmental-economic models and thinking. The first primer can give the reader a quick grasp of the most critical insights that economics has to offer environmental management without being waylaid by an entire text. The second primer reviews the major conflicts arising in the international environmental arena. The third primer covers a set of ecosystem models from basic nutrient flow diagrams to fish populations. These primers serve as excellent introductions to each field. The final contribution of the book is an excellent set of appendices that are basic reference materials in this field. The appendices cover the Greek alphabet (used often in modeling), Roman numerals, international scientific units, international prefixes, abbreviations, geological time, and international environmental treaties. This is a highly useful reference section for economics, international law and environmental science. This book is a valuable reference source for professionals in natural resource and environmental management and for non-specialists. I recornend that practitioners get a copy for their own reference and that courses in this area adopt the book as a supplemental text. Robert Mendelsohn Edwin Weyerhaeuser Davis Professor Yale University</p><p>IntroductionWithout a holistic view of the environment that transcends disciplines, we can never hope to have a comprehensive understanding of our world. Unfortunately, the language of each discipline includes its own set of jargon and words that are commonly used by people within a discipline but, frequently, cannot be understood by people from the outside. Too often, these barriers prevent us from understanding and developing a systematic view of our environment. A Dictionary o Environmental Economics, Science, and Policy offers f a reference that bridges the gap between the disciplines of environmental economics, environmental sciences and environmental studies. It provides a comprehensive set of words used in environmental, ecological and resource economics. In addition, the dictionary includes a selection of some of the most important and frequently used words in the environmental sciences and environmental studies. The book includes over 3,300 words from abatement to zooplankton and, where further explanations are required, further reading and references are provided. The dictionary is not only a ready-reference for students, but should prove useh1 to policy makers and professionals who need to understand the many different terms and concepts about the environment. The book has a number of unique features. Included are three primers that provide introductions to the topics of Environmental Economics, International Environmental Problems, and Environmental Systems, Dynamics and Modeling. These primers can be used as reviews or introductions in many different courses and programs on the environment. In addition, the dictionary has a list of annotated references that provides a useful introduction to the topics covered in the dictionary, a comprehensive list of references referred to in the definitions and seven appendices that include: the Greek alphabet, Roman numerals, the systkme internationale (SI) units, prefixes for the SI, common abbreviations for measures and units, the geological time-scale, and a listing and description of selected environmental treaties. The appendix on environmental treaties should be helpful to readers who are interested in knowing what we are doing to sustain the global environment. We trust that our book, with its primers and appendices, will prove a ready-reference that will bridge environmental disciplines and will help you to better understand the world we share. R.Q.G., Ottawa, Canada L.H.P., Los Angeles, USA H.W.N., Vancouver, Canada</p><p>xi</p><p>This page intentionally left blank</p><p>Economics for the Environment: A Primer1. WELFARE ECONOMICS AND MARGINAL ANALYSIS Much of what we know as environmental economics can best be thought of as applied economics. The positive side of environmental economics uses micro and macroeconomic theory to learn more about the ways in which economic factors influence the consumption of environmental goods and services. Positive environmental economics is largely descriptive and predictive. The normative aspect of environmental economics is largely prescriptive and applies principles of welfare economics to determine the allocation of environmental goods and services that generates the greatest economic good for society. Normative welfare economics provides a framework to determine how society should allocate resources, assuming that economic welfare is a good measure of societys well-being. Pareto pointed out that an optimal allocation of goods exists when any reallocation would only make one person better off at the expense of another; we call this allocation a Pareto efficient or economically efficient allocation. At sub-optimal allocations, we could potentially reallocate resources to make everyone better off as whole. Reallocations away from the suboptimal towards the optimal are known as Pareto improvements. Using the ideas of Pareto, normative environmental economics provides a framework for finding the economically optimal allocation of environmentalresources. Talking about the greatest good to society and measuring this good are quite different things. To make discussions of well-being more tangible, economists need to fmd concrete ways of capturing the values people give to goods, resources, and even services. Generally, we say that someone values a good if they are willing to give up something they already have or are entitled to have to obtain the good in question. In subsistence economies, people may trade their time (say time spent hunting) in order to get things they value (such as game). In barter systems, people trade among each other by offering one good for another. In market systems, we trade currency (whether be it Euros or Treasury Notes) for goods. The reasons people are willing to make sacrifices to get goods or services may be complex. Nevertheless, the fact that people</p><p>xiii</p><p>xiv A Dictionary o Environmental Economics, Science, and Policy f</p><p>are willing to make tangible trades gives us clues about peoples valuations and choices. a. Measuring the Value of Goods The market price of a good is an important indication of the value a consumer places on that good. Since people presumably do not value currency in and of itself, economists accept that the amount paid in currency is a simple reflection of the current value a consumer places on a good. When consumers hand over 50 cents to buy an apple, they reveal that they place a value on that apple of at least 50 cents. Even when goods are sold individually it is common for consumers to buy more than one unit of a good, either at once or over the course of some period of time. The total number of units bought depends on the price; when prices are high consumers buy less of a good and when prices are low consumers buy more. As before, the consumer only buys apples as long as the value he or she places on each apple exceeds the price per apple in the market. Of course, the consumer never buys an infinite number of apples, so we know immediately that the value a consumer places on any individual apple must fall as that consumer acquires more a..</p>