2.2. Externalities Economic activities may generate negative externalities, such as pollution, that are not borne by the parties involved.

4.1. Introduction to Economic Valuation Economic valuation of environmental resources involves estimating the economic value of environmental resources, such as clean air and water.

2.4. Common Property Resources Environmental resources, such as fisheries and forests, may be common property resources that are overused and degraded due to lack of property rights.