Critical Thinking on the Study of Externalities Under Economics

4 pages
852 words
Wesleyan University
Type of paper: 
Critical thinking
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The learning objectives of externalities.

In the study of externalities under economics, by the end of the study, the learner should be able to define what an externality is in a business way. The learner should also be able to define and be accountable of the reason as to why the externalities can make the outcomes of a market to be inefficient. They should also be able to examine how the members of a given economy can at times manage to solve by their own the problem of externalities. Another objective is the consideration of why the solutions which are private when applied to externalities do sometimes work.

The learner should have the ability to examine the various diverse policies of the government which is aimed at solving the problem of externalities. They should distinguish between a negative and a positive externality. The learner should also give a tangible demonstration why the market quantity and optimal quantity are different when it comes to externalities. They should define and illustrate the Coase theorem and also provide an explanation as to how the cost of transactions can impede an externalitys private solution. They should also demonstrate the equality pollution permits and Rigovia taxes under economics.

Learning outcomes of environmental studies and policy.

By the time one is through with the study of environmental policies they should be able to perform the following tasks and also give solutions to some of the following problems. They should be able to manage information which involves the location, evaluation, and communication of quality information. Management of the ecology, physical environment, chemical environment and several others which are needed in decision making on environmental policy. They should also be able to discern information regarding quality on the environmental issues.

Analysis of matters is also another learning outcome which involves defining and debating the technical, cultural, social, institutional, ideological and emotional aspects of national, local and global international issues. Comprehension, accurately describing and naming is another outcome that includes impacts, origins, and the means of finding the solution to the present environmental problems and those expected to occur in the long term future or the near future. The learner should also be able to define the term policy and how it is used in environmental studies.

Communication is also an aspect that should be known concerning demonstration of communication skills which are needed to guide policy in ways that will enhance sustainable practices. This is taught to include written, interpersonal and communications which are oral as well as knowledge and skills in conflict management.Investigation of sustainability is also another area of conflict which must be known well. It involves the exploration and synthesis of the developing sustainability concept as it is applied to the issues of the environment.

Interpretation of relevant data as received from various sources is another key aspect. This should be regarding recognition of measures and technology which is associated and appropriate for the gathering of information in this field. It also involves the use of statistical and mathematical analysis effectively. Comparing after describing systematic and government impacts is also another primary outcome. For the US, one describes the process of selection of those who represent the people at the state, local and the federal levels of major institutions of the government and agencies or otherwise who are involved in decision making of environmental policy. They should also describe the major international economic and political systems, economic, cultural and ecological aspect of privatization and globalism.

Development of policy in a context of interdisciplinary which involves the description of some of the major psychological, sociological, theological cultural and economic consideration which separate us in the perspective we look at environmental issues. They should also defend and develop the choices for environmental policies on industry, business, non-governmental and governmental institutions elsewhere or in the United States. An ethical code of conduct grounds all the other learning outcomes which apply to the analysis, development, and interpretation of the environmental policy.

Learning objectives of public goods

Under public goods, the learner should be able to use the concept of excludability and rivalry to give a distinction among public goods, private goods, common goods and collective goods. One should also be able to show how the concept of an economy can apply to find the real quantity of a public good and give a description of how firms that are private can supply public goods.

Analysis of the various types of inefficiencies and efficiencies which are associated with the way public goods are provided should be known well. The learner should finally know how to discuss the finite criteria which taxation should put into practice so as to promote efficiency.

Learning objectives of elasticity are:

Expression and calculation of the price elasticity of demand. Understanding the relationship between total revenues and the price elasticity of demand. Discussing the factors which are considered in the determination of price elasticity of demand. Describing the cross price elasticity of demand and showing the way it may be applied to tell whether two goods are complements or substitutes. Explaining the income elasticity of demand.


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