Environmental policy

Policy = a formal set of general plans and principles to address problems and guide decisions
Public Policy = policy made by governments that  consists of laws, regulations, orders, incentives, and practices
Environmental Policy = pertains to human interactions with the environment  
Regulates resource use or reduce pollution

The tragedy of the commons = the idea that a resource held in common that is accessible to all and is unregulated will eventually become overused and degraded
Free Riders = reducing pollution tempts any one person to cheat  
Private voluntary efforts are less effective than mandated efforts
Externalities = harmful impacts result from market transaction but are borne by people not involved in the transaction