1.The objective of this question is to help you understand how the critical ecosystem services are impacted byeconomic activityand some things we can do to solve those problems.

To a great extent, Economics is about connecting the dots (finding relationships between seemingly unrelated things).

For now, Earth is the only place we can live. Our ability to live on this planet is supported by the many Ecosystems active on the planet. Our behavior disrupts those Ecosystem sand all the Ecosystem Services. Those disrupted Ecosystem Services in turn have impacts on the people and economies of the global north and global south. It is very important that you develop a good understanding of the interaction of our behavior and the environmental and economic consequences of that behavior. This question is part of the topic called Intro to some key concepts of Economics.

•Pick 5 Ecosystem Services from the list in slide13of the topic called Intro to some key concepts of Economics.

•For each of your 5 ecosystem services, please explain how each is supposed to work. This is key to answering the entire question, so please focus on this. Google can help with this!

•For each of your 5 ecosystem services, please thoroughly explain at least one human behavior that has disrupted of the operation of the service. Please be thorough.

•For each of your 5 Ecosystem Services, explain how the disruptions to the Ecosystem Service impact the two different parts of the world (the global north nation sand global south nations).More specifically, explain how the lives of the people and the national economies are impacted.

•For each of your 5 ecosystem services, thoroughly explain 3 things that we should start doing right now to repair or at least stop the damage to the 5 Ecosystem Services you selected. Be sure you explain how each of your recommendations would actually lead to solution of the problem. Remember, you need 3 recommendations for each of your ecosystem services.

2.The objective of this question is to help you:

•understand the real issues of scarcity of resources and the choices we must make.

•Understand the issues of rational behavior as it applies to a real life problem.

•Understand utility concepts as they are applied to the Keystone Pipeline Project.

•Understand some of the basics of the theory of consumer behavior.

•Understand the concepts of marginal analysis as applied to the Keystone Pipeline project.

Planet Earth is our only home for the time being. As global populations grow and our resources dwindle, we should worry more about the issues of SCARCITYAND CHOICE. All parts of this question are part of the topic called Intro to some key concepts of Economics.

i. There are 17 Rare Earth Elements. Pick any 5of them, and for EACH of the 5, explain in detail why they are so critical to us. Use Google to look the up. Include in your answer:

a. what it used for,

b. why are those resources so critical?

c. Where in the world the resource islocated.

d. And approximately how much is left.

e. For EACH of the 5, please explain3thingswe need to start doing to day to avoid running out of that resource. It is very important that you provide thorough and complete explanations here.

•The theory of rational behavior says that we humans act in our own self-interest. Given our actual behavior and the decisions we have made and are continuing to make relative to theplanet, please:

i. What does over-pumping of aquifers really mean? Use Google to gather info.

ii. Is continued over-pumping of aquifers around the world in our best interest? If yes, explain why. If no, explain why not. Please provide thorough explanations.

iii. Explain how the continued over-pumping of aquifers in America, China, and India, could impact our ability to survive on the planet. This will require that you find out what things these 3 nations have in common that are related to aquifers. Connect the dots and explain how our ability to survive on the planet could be impacted by continued over pumping of aquifers. Please provide plenty of detail here. Google can help!

iv. Explain in detail 3 things we can do to stop the over-pumping problem. In your explanation, please talk about how your suggestion would actually lead to solution of the problem.

•Utility Concepts:

•Explain the 3concepts: Utility, Marginal Utility, and Diminishing Marginal Utility. this material is provided in the slides and audio lecture.

i. Provide explanation of 2examples of EACH of those 3concepts as they might be applied to the Keystone XL Pipeline project.

•The Theory of Consumer Behavior: this material is provided in the slides and audio lecture.

i. Explain EACH of the key assumptions of the Theory of Consumer Behavior and what the theory tells us. Read the slide and listen to the audio lecture.

ii. Does the theory of consumer behavior reflect reality? If yes, then why. If no, the why not.

•Marginal analysis is a decision-making tool. This material is provided in the slides and audio lecture.

i. Please define Marginal Cost

ii. Please define Marginal Benefit,

iii. Explain thefollowing3 cases in terms of what you should do regarding the activity involved. Should we do more of the activity, less of the activity, or keep doing the same? Explain why in each case.

1.MB>MC

2.MC>MB

3.MC=MB

iv. Explain 3 examples of MC related to the Keystone XL Pipeline question.

v. Explain 3 examples of MB related to the Keystone XL Pipeline question

3.The objective of this question is to help you understand and apply the various concepts related to the Production Possibility Model.

The Production Possibilities Modelis one of the first Economic Models students learn about. Please refer to the material covered in the topic called The Economizing Problem.

•Please explain what the model teaches us.

•Please explain each of the 4 assumptions of the model.

•Please explain Productive Efficiency and how it relates to the ppc.

•Please explain Allocative Efficiency and provide a thorough explanation of the 2-step process for finding the point of allocative efficiency on the PPC.

•On the topic of Economic growth: need to see some detail here.

i. What does it mean?

ii. How can it be graphically represented?

iii. What are the prerequisites to Economic growth?

iv. GDP growth rates for the past 60 years show a steady downward trend. Explain why you should care about that.

v. Why is Economic growth good for you and your country?

vi. Why is Economic growth bad for you and your country?

vii. Please provide thorough explanation of 3factors that would tend to limit economic growth. Be sure you explain how those factors would actually cause economic growth to be limited.

•The Present ville –Future ville case:

1.Explain what motivated each group to make the decisions they made.

2.Explain the impact of those decisions on the future of each group.

3.Which group is most like America, and why?

4.What does this story teach you?

•Law of increasing opportunity cost:

1.Explain it.

2.What does it teach us?

3.How could it be explained graphically?

•Explain how you could use the Production Possibility Model to represent the US Economy during the Corona Virus pandemic.

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