Chapter Objectives

After reading this chapter, you should be able to:

Describe why the analysis of risk has become an important tool in environmental decision making.

Understand the difference between risk assessment and risk management.

Describe the issues involved in risk management.

Understand the difference between true and perceived risks.

Define what an economic good or service is.

Understand the relationship between the available supply of a commodity or service and its price.

Understand how and why cost-benefit analysis is used.

Understand the concept of sustainable development.

Understand environmental external costs and the economics of pollution prevention.

Understand the market approach to curbing pollution.

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