3.0 Basic economic principles
In this section we introduce and develop the most important economic concepts in relation to environmental economics. Given the focus of the subject area we concentrate on microeconomic principles. In this section we provide a brief introduction to some of the economic terminology that you will come across as you work your way through this module. Pay particular attention to the words and phrases that are highlighted. Don't worry if their meaning is not entirely clear at this stage. We will be returning to look in detail at many of the underlying concepts later in the module.
Section Learning Outcomes
By the end of this section, students should:
- understand the link between economic principles and environmental issues
- understand the ways in which the key concepts employed by economists are use in applied policy analysis