Econ 120: Principles of Coastal Economics

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In this series of short videos, our friendly economist explains complex economic concepts in everyday terms. Watch in order, or select a topic of interest.

Lesson 1: Externalities

Positive and negative economic externalities play out in many decisions relevant to coastal management, and they can create unexpected winners and losers. Watch this video to understand the problem of economic externalities and consider the implications for coastal management.

Lesson 2: Value

It can be hard to make good decisions when the options include things that have price tags (market values) and things that do not (nonmarket values). Watch this video to learn about market and nonmarket values – and how these should be considered when making decisions about coastal resources.

Lesson 3: Indicators

There are many factors (such as jobs and wages) that define economic health. What do these indicators tell us about the coastal economy? Watch this video to discover how economic health is composed of many different numbers (indicators) that play a role in evaluating the economy.

Lesson 4: Ecosystem Services

Just because something is free doesn’t mean it has no economic value. Since ecosystem services are free, economists have tools to determine how much these services are worth. Watch this video to learn what is meant by ecosystem services and how communities benefit. Discover the connections between coastal economies, ecosystem services, and decisions made by coastal managers.

Lesson 5: Ocean Economy

How are the different parts of the nation’s economy connected to the ocean and Great Lakes economy? How does the export of corn from a farm in Iowa affect the economy of a coastal city port? Watch this video to learn about the synergies between the coastal economy and the nation’s economy as a whole.