This course prepares the student to analyze the interaction between economic activity and the earth’s physical environment. Emphasis is placed on the impacts surrounding natural resource markets, including energy and minerals, agriculture, forests, fisheries and tourism. Economic concepts include social welfare analysis, externality costs, market failure, the time value of money, economic valuation of non-market goods, definitions of economic efficiency, risk analysis and definitions of “growth”. Environmental impacts may include toxicity to ecosystems, species extinction, soil erosion, fresh water quality and availability, degradation of the marine environment, air pollution, ozone depletion and global warming. Political issues include, but are not limited to the trading of pollution credits, the debate over nuclear power, genetic engineering issues, land use planning, environmental racism, international dynamics and inter-generational equity.