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Sookdeo ES Ch. 2
| Question | Answer |
|---|---|
| economics | study of how resources are converted into goods and services and how these goods and services are used |
| supply | the amount of a commodity, product, or service available |
| demand | desire of buyers for it, considered as factors regulating its price. |
| cost-benefit analysis | a decision-making tool that compares an activity’s gains and costs |
| ecological economics | concerned with the problem of assuring sustainability in the face of uncertainty, and aims to maintain the resilience of ecological and socioeconomic systems by conserving and investing in natural, social and human assets |
| environmental economics | states economies cannot be sustainable unless environmental issues are addressed; assigns market values to ecosystem services and suggests that market failure will occur unless market values reflect environmental costs and benefits |
| non-market value | environmental goods and services, such as clean air and water, and healthy fish and wildlife populations, are not traded in markets |
| market failure | inefficient distribution of goods and services in the free market |
| ecolabeling | marks placed on product packaging or in e-catalogs that can help consumers and institutional purchasers quickly and easily identify those products that meet specific environmental performance criteria and are therefore deemed “environmentally preferable” |
| policy | a course or principle of action adopted or proposed by a government, party, business, or individual |
| environmental policy | set of general plans and principles for interactions between humans and the environment involving input from science, ethics, and economics. |
| Environmental Impact Statement (EIS) | government document that outlines the impact of a proposed project on its surrounding environment |
| command and control approach | the running of an armed force or other organization |
| lobbying | seek to influence on an issue |
| green tax | taxes on companies that harm environment |
| subsidy | a giveaway by government to promote a certain behavior |
| cap and trade system | government determine overall amount of pollution it accepts and issues permits to pollute a fraction of that amount |
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dsookdeo
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