Resources(and(Environmental(Economics((First(Term(2019/2020(

((PowerPoint Slides

prepared by

Dr. Walaa W. Diab FCOM-BU

!

Dr.!Walaa!Wageh!Diab!

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Resources(and(Environmental(Economics((First(Term(2019/2020(

COURSE(SYLLABUS(((((

PowerPoint Slides prepared by

Dr. Walaa W. Diab FCOM-BU

!

Dr.!Walaa!Wageh!Diab!

(((

Resources(and(Environmental(Economics((

First(Term(2019/2020(COURSE(SYLLABUS(

((((

PowerPoint Slides prepared by

Dr. Walaa W. Diab FCOM-BU

!

1A(Instructor(Contact(Info.((Name:(Dr.(Walaa(Wageh(Diab(

Office(Hours:(from(8:30(am(to(9(am(each(Wednesday(Online(Office(Hours:(Each(Friday(at(1pm(to(3(pm(

Class(meets(Wednesday((Email:(Walaa.dyab@fcom.bu.edu.eg(

Course(website:((Lecture(slides(and(exercises(accessible(through(My(official(page:(

hVp://bu.edu.eg/staff/walaadyab4((

Dr.!Walaa!Wageh!Diab!

2- Course Materials (AA((Text(Book)(Book(1:(•  Tietenberg,(T.(and(L.(Lewis.(2015(Environmental(and(Natural(Resource(

Economics,10th(Edi^on.(AddisonWesley:(Boston,(MA.((! ! ! ! ! !The!9th!edi1on!available!at:!

h6ps://himayatullah.weebly.com/uploads/5/3/4/0/53400977/environmental_and_natural_resource_economics_by_tom_1etenberg_9th_edi1on.pdf(!(Book(2(•  Economics:(A(Contemporary(Introduc^on,(7e(William(A.(McEachern(

( ( ( ( (Available(at:(h6ps://sangu.ge/images/Economics1.pdf((

Dr.!Walaa!Wageh!Diab!

Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

(Course(Descrip^on((

Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

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Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

Environmental(&(Natural(Resource(Economics(

!

by

Tom Tietenberg Emeritus, Colby College

Lynne Lewis Bates College

!

Dr.!Walaa!Wageh!Diab!

Economics: A Contemporary Introduction 7th Edition!

by William A. McEachern

!

Dr.!Walaa!Wageh!Diab!

!(Book(2:(Chapter(1:(

The!Economic!Problem:!Scarce!Resources,!Unlimited!Wants!!|!Resources!!|!Goods!and!Services!!|!Economic!Decision!Makers!|!Microeconomics!and!Macroeconomics|!Norma1ve!Versus!Posi1ve|(

(Book(2:(Chapter(2(

Opportunity!Cost((

Book(1:(Chapter(2(The!Environment!as!an!Asset(

Dr.!Walaa!Wageh!Diab!

Chapter 1 The Art and Science of Economics!

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Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

Dr.!Walaa!Wageh!Diab!

Scarcity(

Scarcity! refers! to! the! basic! economic! problem,! the! gap! between! limited! –! that!is,! scarce! –! resources! and! theore1cally! limitless! wants.! This! situa1on! requires!people! to!make!decisions! about!how! to! allocate! resources! efficiently,! in!order! to!sa1sfy!basic!needs!and!as!many!addi1onal!wants!as!possible.!

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Dr.!Walaa!Wageh!Diab! Dr.!Walaa!Wageh!Diab!

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Dr.!Walaa!Wageh!Diab!

1.  The Economic Problem

!  Scarce resource !  Not freely available " when its price exceeds zero !  Inputs

!  Factors of production !  Used to produce goods and services ! Dr.!Walaa!Wageh!Diab!

1.  The Economic Problem

Central(Problems(of(an(Economy(

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1.  The Economic Problem

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1.  The Economic Problem •  To avoid the economic problem one has to

decide how to allocate the scarce resource. Moreover, we need to understand how to achieve efficiency with the existing resources , and Also, we have to understand that some resources are limited, and learn how to deal with the scarcity and the choices. Basically one always has to decide

1.  What goods and services to produce. 2.  Nature of the goods to produce. 3.  Preferences and priorities of the goods. 4.  How to produce the best services. 5.  For whom to produce these services.

Dr.!Walaa!Wageh!Diab!