BIO 105 Home
Questions | Answers
  1. What is economics?
  2. Differentiate between economic "needs" vs. "wants".
  3. What is the Law of Diminishing Returns?
  4. What is Opportunity Cost?
  5. What is meant by internal costs, external costs, true costs, and internalizing external costs?
  6. What are the advantages and disadvantages of internalizing external costs?
  7. Apply internal costs, external costs, true costs, diminishing returns, and opportunity cost to the pollution example (be able to draw the graph given in class for determining optimum pollution emission levels for smoke coming out of a smokestack at a factory) and other examples.