Living In The Environment
18th Edition
ISBN: 9781285969725
Author: G. Tyler Miller, Scott Spoolman
Publisher: Cengage Learning
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Chapter 23, Problem 4CR
To determine
The two key concepts for Section 23.2. Describe three ways in which economists estimate the economic values of natural goods and services. The reason why such values not included in the market prices of goods and services. Define discount rate and explain the controversy over the way in which such rates are assigned. Explain the way in which economists can estimate the optimal levels for pollution control and resource use. Define cost–benefit analysis and list its advantages and limitations.
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