What are the two characteristics of a common resource? give an example of a common resource and briefly explain the tragedy of the commons.

No more than 100 words for the answer: Explain briefly how property law can serve society’s interest in achieving an economically efficient allocation of resources, goods, and services.

What is an "open access resource"? Why do open access resources often exhibit what is known as the problem of the "tragedy of the commons"? What properties of efficient property rights are violated by an "open access resource"?

Read the excerpt. "The Maryland Department of Natural Resources has rescheduled public hearings on whether to allow companies to build wind turbines In state forests in Westem Maryland." -Baltimore Sun, January 2008 The situation described in the news article illustrates a possible conflict between finding alternative sources of energy and A protecting the environment. B funding national defense. C enhancing the quality of education. D promoting economic equity.

The chapter defines private enterprise as a characteristics of market-oriented economies. What would public enterprise be? It is a characteristics of a command economies.

What are the four core concepts of environmental economics?  Briefly discuss each concept.

History offers many examples of small groups of farmers collectively managing shared irrigation systems, yet there are also many examples of inefficient depletion of large-scale groundwater aquifers due to agricultural irrigation. Use the concepts of common property and open access to briefly  describe a potential explanation for these two very different phenomena.

A country called Sherwood is very heavily covered with a forest of 50,000 trees. There are proposals to clear some of Sherwood’s forest and grow corn, but obtaining this additional economic output will have an environmental cost from reducing the number of trees. Table shows possible combinations of economic output and environmental protection. a. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured by the number of trees, and the quantity of economic output, measured in corn, on the vertical axis. b. Which choices display productive efficiency? How can you tell? c. Which choices show allocative efficiency? How can you tell? d. In the choice between T and R, decide which one is better. Why? e. In the choice between T and S, can you say which one is better, and why? f. If you had to guess, which choice would you think is more likely to represent a command-and-control environmental policy and which choice is more likely to…