Assignment for Today: Read Coe Chapter 6 and Robbins Chapter 3 and come to class with a basic understanding of the following concepts and ideas: Coe: market, equilibrium price, supply, demand, environmental economics, commodity chains as system of material flowscommodity, systems of ownership, communal access, state ownership and exploitation, state ownership and private exploitation, private ownership and private exploitation, ecological modernization, pollution trading, certifying environmental protection. Robbins: market response model, Jevon's Paradox, Coase Theorem, externality, market failure, transaction costs, green taxes, cap and trade, green consumption, greewashing, green certification

Geography of Resource Extraction

• Location of Resources
• Properties of Resources
  • Bulk and Weight
  • Perishability

Market Approaches to Resource Scarcity (Market Response Model)

• Equilibrium Price
• Economic Resource
• Resource Substitution
• Illustration: Mining in Minnesota's Iron Range
  • World's Largest Open Pit Mine in Hibbing Minnesota
  • Technological Change: Taconite
  • Transport
  • Tourism
• Jevon's Paradox

Costs of Environmental Impacts of Resource Extraction

• Externalities
• Environmental Economics (Example Pricing Endangered Species)
• Coase Theorem

Market Based Solutions to Environmental Problems

• Green Taxes
• Cap and Trade/Emissions Trading
• Green Consumption/Green Certification