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APESCH23
| Term | Definition |
|---|---|
| cap and trade approach | approach to controlling pollution by mandating upper limits (the cap), on how much each industry is allowed to emit. Companies that can cut pollution by more than required sell the credit to other companies that have difficulty meeting mandated levels |
| capital | any form of wealth, resources, or knowledge available for use in the production of more wealth |
| carbon neutral | a system or process that doesn't release more carbon to the atmosphere than it consumes |
| CBA | cost-benefit analysis; an evaluation of large scale public projects by comparing the costs and benefits that accrue from them |
| classical economies | modern, western economic theories of the effects of resource scarcity, monetary policy, and competition on supply and demand of goods and services in the marketplace. This is the basis for the capitalist market system |
| communal resource management systems | resources managed by a community for long-term sustainability |
| demand | the amount of a product that consumers are willing and able to buy at various possible prices, assuming they are free to express their preferences |
| ecological resources | |
| emissions trading | programs in which companies that have cut pollution by more than they're required to can sell "credits" to other companies that still exceed allowed levels |
| EPI | environmental performance index; a measure that evaluates national sustainability and progress toward achievement of the UN Millennium Development Goals |
| external costs | expenses, monetary or otherwise, borne by someone other than the individuals or groups who use a resource |
| GDP | gross domestic product; the total economic activity within national boundaries |
| GNP | gross national product; the sum total of all goods and services produced in a national economy. GDP is used to distinguish economic activity within a country from that of off-shore corporations |
| GPI | genuine progress index; an alternative to GNP or GDP for economic accounting that measures real progress in quality of life and sustainability |
| human capital | |
| intangible resources | factors such as open space, beauty, serenity, wisdom, diversity, and satisfaction that cannot be grasped or contained. Ironically, these resources can be both infinite and exhaustible |
| internal costs | the expenses, monetary or otherwise, borne by those who use a resource |
| manufactured capital | |
| marginal costs and benefits | the costs and benefits of producing one additional unit of a good or service |
| market equilibrium | the dynamic balance between supply and demand under a given set of conditions in a "free" market (one with no monopolies or government interventions) |
| market forces | depending on capitalist market systems to achieve national goals |
| natural capital | |
| neoclassical economics | a branch of economics that attempt to apply the principles of modern science to economic analysis in a mathematically rigorous, non contextual, abstract, predictive manner |
| nonrenewable resources | minerals, fossil fuels, and other materials present in essentially fixed amounts (within human time scales) in our environment |
| offset | a controversial component of air quality regulations that allows a polluter to avoid installation of control equipment on one source with an "offsetting" pollution reduction at another source |
| open access system | a commonly held resource for which there are no management rules |
| political economy | the branch of economics concerned with modes of production, distribution of benefits, social institutions, and class relationships |
| price elasticity | a situation in which supply and demand of a commodity respond to price |
| renewable resources | resources normally replaced or replenished by natural processes; resources not depleted by moderate use; ex include solar energy, biological resources such as forests and fisheries, biological organisms, and some biogeochemical cycles |
| resource | in economic terms, anything with potential use in creating wealth or giving satisfaction |
| social capital | |
| steady state economy | characterized by low birth and death rates, use of renewable energysources, recycling of materials, and emphasis on durability, efficiency, and stability |
| supply | the quantity of that product being offered for sale at various prices, other things being equal |
| sustainable development | a real increase in well-being and standard of life for the average person that can be maintained over the ing-term without degrading the environment or compromising the ability of future generations to meet their own needs |
| tragedy of the commons | an inexorable process of degradation of communal resources due to selfish self-interest of "free riders" who use or destroy more than their fair share of common property |
| triple bottom line | corporate accounting that reports social and environmental costs and benefits as well as merely economic ones |
Created by:
AlanaR
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