College of Business Administration

1) Define scarcity. In a free market, the forces of supply & demand generally control the resource production equilibrium level so that the quantity of a resource supplied normally equals the quantity demanded at a give price. Is scarcity caused by a supply or demand side restraint?

2) What mechanism is normally used to coordinate/control economic activity in a market system? How would this mechanism affect the scarcity of a resource? Is this mechanism the best way to coordinate/control 'common' resources? If not what is?

3) Define overconsumption. Is overconsumption related to over-population? If so, how?

4) The levels of resource over-consumption occur differently in industrialized countries as opposed to developing countries. How does overconsumption affect developing countries in regards to lifestyle, global positioning & resource import/export opportunities? What can be done to slow consumption? Why are some mechanisms easier to implement than others?

5) What factors normally drive a business or industry to strive for waste reduction, energy efficiency & pollution prevention in their operations? How might a business or industry achieve waste reduction, energy efficiency & pollution prevention in their operations? Can the United States, or any country, realistically lead the way in restricting itself (self-regulation) from the most 'profitable/wasteful' methods of industry?

6) What is business' or industry's role in minimizing/preventing overpopulation, overconsumption, &/or overexploitation? What hurdles might a business or industry have to overcome? Which is most critical to our future: overpopulation, overconsumption or overexploitation & why? How will overpopulation, overconsumption, &/or overexploitation affect global markets in the long term?

7) How do the forces of supply & demand affect the poorer population with respect to the scarcity of 'common' resources?

8) How do utilizing various levels of advertising influence the markets? What trends start to occur within a society when they are exposed to increased advertising? How do both of these issues relate to overconsumption?

9) Can the market be relied upon to accurately price goods and services? Why or why not?

10) Under what conditions, and with what justification, 'ought' the government to intervene between a willing buyer and a willing seller? What are the implications of your answer for the pricing and allocation of environmental 'resources'?

11) We have talked about the notion of 'value' in previous class sessions. What alternative 'values' orientations would help relieve the problems alluded to in the previous questions?

12) How ought one to 'price' a commons?

13) What are the most difficult barriers to overcome if market pricing and allocation mechanisms are modified in order to preserve scarce environmental 'resources'? How would you suggest these barriers be overcome?

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