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Chapter 2

Economic System Network of people, institutions, and commercial interests involved in the production, distribution, and consumption of goods and services.
Sustainable Development Meets needs of present generation without reducing the ability of future generations to meet their needs.
Ecosystem All of the organisms living in a particular place and their interactions with each other and with the local climate and geology.
Economics Social science concerned with production, distribution, and consumption of goods and services as well as the theory and management of economic systems.
Energy The capacity to do work.
Work Description of transfer of energy; amount of work depends on how heavy and/or vigorous
Potential Chemical make up
Chemical Form of potential; energy stored in bonds of molecules
Kinetic Moving object
Gravitational Potential Due to gravity
Thermal Heat through motion
Radiant Energy of electromagnetic radiation
1st Law of Thermodynamics Concerned with the conservation of energy: When one form of energy is transformed to other forms, the total amount of energy in a system and its surroundings is the same.
2nd Law of Thermodynamics The quality of the energy declines with each energy transfer of transformation; also states that entropy increases
Entropy The amount of disorder in a system
Food Web A set of feeding relationships among organisms indicating the flow of energy and materials in an ecosystem.
Trophic Level Identifies species position in the overall movement of materials or energy through an ecosystem.
Carnivores Feeds on other living; predators, or secondary consumers
Omnivores Feeds on plants/animals
Herbivores Plants; primary consumers
Primary Producers Usually plants/algae (autograph) Means of photosynthesis
Detrivoes Feed on organic matter; decomposers
Gross Primary Production Total amount of organic matter produced by primary producers in an ecosystem over a period of time.
New Primary Production Amount of food energy available for other organisms that feed on primary producers.
Secondary (consumer) Production Amount of consumer biomass or energy that goes into growth or reproduction.
Conservation of Matter Matter is neither created nor destroyed.
Biochemical Cycle Cyclic path of an inorganic substance through the Earth system
Carbon Cycle Key processes: photosynthesis, reparation
Substance Economy Individuals or groups produce of harvest enough resources from the natural environment to largely support themselves.
Market Economy Production and consumption of goods and services made by the people.
Centrally Planned Economy Central authority makes decisions.
State Property owned, by federal, state, or local governments.
Private Property owned by individuals.
Open Access Property in which there are no restrictions about who may enter and exploit its resources; first come, first served.
Common Property owned or controlled by a community, such as indigenous tribe.
Positive Feedback Increase in some factors produces increases within the system.
Economic Externality Cost or benefit to environment/society resulting in production and use of product that is not included in market price.
Market Failure Society is harmed because inefficiency in how goods and services are distributed.
Common Pool Resource Owned and utilized in common by a community.
Common and Control Regulations Regulation of an industry/activity, indicating what is and is not allowed and penalties
Environmentaleconomics Assessment and management of costs and benefits of economic impacts on the environment
Natural Capital Value of Earth's natural assets (minerals, air, water)
Ecological Economics Attempt to build a bridge between humans, institutions, rest of nature
Ecosystem Services Benefits humans receive from natural ecosystems (food, water purification)
Market Based Approach Alternative to command and control regulation that seeks to encourage adherence to social or environmental goals using principles of supply and demand.
Created by: jae_moore



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