Essay on Econ

826 Words 4 Pages
1) Norgaard discusses “ways of knowing, forms of social organizations and types of technologies.” What changes have occurred in society, the US and globally, in the last century that have causes society to begin to be concerned with environmental issues? Why might these be thought of as new challenges to human society?


Many changes have occurred in the United States of America over the last century that has led to the concern of environmental issues. First is the issue of industrialization and creation of wealth. Research shows that as a result of more industries being built and operated, there was a large emission of carbon monoxide gas (and other effluents of factory) into the atmosphere. The emission affected the
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Response Consider the case of leaking solvent tank which has led to the destruction and harm of the sol and endangered species of amphibians. As a complex method of solving the issue, understanding the extent through which the soil contamination and the extent through which the subsurface transport of solvent, mit is essential to use a computer model as a implementation tool. Chemist would then be responsible to characterize the molecular bonding of such solvent into specific soil type. Biologists will then come and carry out the studies pertaining impact upon the soil plants, arthropods and pond dwelling organism which are actually the food of living organism. As it can be seen, the process is complex and various issues need to be addressed.

4) Discuss how the “total willingness to pay” value can be determined by looking at different ways of valuing resources. Be precise and use examples.
Willingness to pay is the amount of money that people are willing to pay for a particular product. When pricing out the resources and the products, companies’ hits price points whereby most people are willing to pay and enable such company to generate the products. The concept plays an important role in efficiency studies and cost benefit analysis. It is notable that individuals

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