a) Briefly describe the relationship between economic system and the environment using both the first and second laws of thermodynamics (6 marks)
b) Explain the difference between the following terms
i) Positive and normative economics (3 marks)
ii) Consumer and producer surplus (3 marks)
iii) State and common property regimes (3 marks)
c) State the key characteristics of efficient property rights structures. (3 marks)
d) Describe externalities as a source of market failure with the aid of a clearly labeled diagram. (7 marks)
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