For this assignment, treat it as an outline, and fill in the empty steps below using information from Chapter 15. Introduction to Environmental Economics and Policy Major concepts in Chapter 15 For this assignment answer the following questions based upon the major terms in chapter 15 I. What is Environmental Economics? Economics is the study of the allocation of scarce resources. 1. 2. 3. Environmental and natural resource economics: Natural resources - : Environmental resources - . II. Why Study Environmental Economics? In general, prices reflect the relative scarcity of goods. What aspects of environmental and natural resource economics make it unique? Market failures