Week 1 Individual Assignment

1341 words - 6 pages

1. The willingness to pay is the value that the consumer puts on the good. Every person puts a different value on everything from material things to natural resources. Having money and being able to pay for goods plays a big part in a person willingness to pay. Willingness to pay relates to demand in the way that there is a market curve for the goods that an individual is willing to pay for the goods. First you start with a high price on the good and see how many buyers will be willing to pay for that good at that price. Then you lower the price and see what happens with the consumers. Doing this you can follow the trends and see what price a good is at when a consumer’s willingness to pay ...view middle of the document...

They assume that nothing will change but the chances of that are slim. Another assumption is that all people behave rationally. They assume that a person will make a choice with all the available information taken into account and the costs and benefits of their choice. Another assumption that economists think people are self interested. Economists cynically assume that human behavior is motivated by self-interest. (Netplaces) Economists make these assumptions because the market and consumer are very unpredictable. Assumptions by nature are based on theories and common beliefs. It may include facts at times which help economists make a more precise assumption and make decisions that they think is right. They also do these assumptions to limit potential threats that might destroy the economy and promote healthier competition for the different products in the market. Environmental economists have a very difficult time putting a value on all the different resources so all there theories and assumptions have to be taken into account.
5. The environment is absolutely an economic asset. So many of the goods and resources we use are a huge part of our economy. It is hard to put a value on so many of our environmental resources like the thousands of plants that turn carbon into oxygen through photosynthesis or bees and pollination. If we take care of the environment it will take care of us. A polluted environment could devastate our agricultural economy and a polluted water system could devastate a fish stock that is invaluable to our economy. It is definitely an economic asset but it is being treated as a resource and not an asset. Peoples values towards to environment are changing and people are starting to care more about it through education. The environment is a social asset but everyone is different and it depends on the value a person puts on the environment. Some people don’t care about the environment at all and others love it and know its value. Example of how our environment is a social asset is imagine we were as air polluted as China, would we have our children outside running around playing sports and being active as opposed to sitting inside getting fat and out of shape. (Field and Field 2009)
6. The global demand for fish affects natural resource economics with supply and demand. There is a huge demand for fish globally and so many countries and villages rely on fish as their entire food source and their entire economy. Fisheries are being over exploited and fisherman figure if they don’t pull the fish out someone else will. The more abundant the species the less money it is worth but then you look at blue fin tuna which have been over exploited and now some sell for over a million dollars. Fisheries are a renewable resource and we can have them forever if we don’t exploit them. With today’s technology and great equipment a fisherman could wipe out an entire stock and then the resource is gone and...

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