Land Economics Externalities, Surrogate Market Prices, Policital Economy, Isotim

Question

a) Using examples explain what is meant by:
i.      negative externalities
ii.      positive externalities

b) Explain what is meant by:
i.     an isotim
ii.     surrogate market prices
iii.     political economy

c) What do you understand by the phrase, “any positive discount rate is the enemy of a one hundred-year-old tree”?  

Summary

These questions belong to Economics, particularly macroeconomics. The questions are about externalities, both positive and negative, isotim, surrogate market prices, political economy and about the phrase, “any positive discount rate is the enemy of a one hundred-year-old tree”. Externality is an economic agent which will not affect firms, but can affect the society either positively or negatively. Isotim is a map where manufactures can locate suppliers of raw materials. The solution has the answers to all of the questions in detail.

Total word count 504