1.  Students will understand how competitive markets allocate 
natural resources and other inputs to economic production and 
consumptive and be able to describe competitive equilibrium 
solutions graphically and mathematically.
2.  Students will understand how competitive markets sometimes 
fail to operate efficiency and be able to describe 
common “market inefficiency” problems including externalities 
and public goods graphically and mathematically.  
3.  Students will understand and be able to apply theory and 
techniques for developing and implementing alternative 
solutions to problems related to the use, allocation and 
management of natural resources and the environment with 
emphasis on externalities, public goods, and different types of 
natural resource goods and services (e.g., nonrenewable, 
renewable).

I.  Natural Resources, The Environment and Economic Efficiency
   A. Pareto Efficiency Conditions
   B. Pareto Efficiency and Competitive Equilibrium
   C. Applications
II. Natural Resources, The Environment and Market Inefficiency
   A. Market Inefficiency Caused By Public Good Characteristics
   B. Market Inefficiency Caused By Externalities
   C. Applications
III. Public Good and Externality Solutions
   A. Public Good Provision Mechanisms
   B. Environmental Externality Solutions
   C. Applications
IV. Natural Resource and Environmental Valuation
   A. Market Valuation Techniques
   B. Nonmarket Valuation Techniques
   C. Applications
V. Optimal Natural Resource Management over Time and Space
   A. Nonrenewable Resources
   B. Renewable Resources
   C. Applications