A successful student completing this model should be able to:
Understand the main principles of economic thinking in application to environmental management, including
- the nature of economics and its subfields as distinct areas of social science;
- the general principles and key concepts of mainstream micro-economic analysis (such as supply and demand, production, consumption and transport) and firm- and project-level decision making procedures based on such as analysis (such as budgeting, investment and cost-benefit and cost-effectiveness analysis), in particular as it concerns the human/environment relationship
- the general principles of environmental economics, in particular the concept of environmental externalities and their regulation through the use of economic tools
- the relevance of macroeconomic principles and concepts for environmental management
- the limitations of economic analysis as a tool for understanding environmental issues and guiding environmental management and policy.