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Science vocab chap 3
| Question | Answer |
|---|---|
| Cost-benefit analysis | a formal process for calculating the costs and benefits of a project or course of action to decide if benefits are greater than the costs |
| Extended product responsibility | the concept that the producer of a product is responsible for all the negative effects involved in its production, including the ultimate disposal of the product when its useful life is over |
| Opportunity costs | the costs associated with lost opportunities that occur when a decision precludes other potential uses for a resource |
| Resources | naturally occurring substances that can be utilized by people but may not be economic |
| Supply/demand curve | the relationship between the available supply of a commodity or service and its demand. The supply and demand change as the price changes |
| Deferred costs | costs that are ignored, not recognized, or whose effects accumulate over time; that eventu- ally must be paid |
| External costs | expenses, monetary or otherwise, borne by someone other than the individuals or groups who use a resource |
| Pollution | any addition of matter or energy that degrades the environment for humans and other organisms |
| Risk | the probability that a condition or action will lead to an injury, damage, or loss |
| Sustainable development | using renewable resources in harmony with ecological systems to produce a rise in real income per person and an improved standard of living for everyone |
| Demand | amount of a product that consumers are willing and able to buy at various prices |
| Life cycle analysis | the process of assessing the environmental effects associated with the production, use, reuse, and disposal of a product over its entire useful life |
| Pollution costs | the private or public expenditures to correct pollution damage once pollution has occurred |
| Risk assessment | the use of facts and assumptionsto estimate the probability of harm to people or the environment from particular environmental factors or conditions. |
| Economics | the study of how people choose to use resources to produce goods and services and how these goods and services are distributed to the public |
| Natural resources | those structures and processes that can be used by humans for their own purposes but cannot be created by them |
| Pollution prevention | action to prevent either entirely or partially the pollution that would otherwise result from some production or consumption activity |
| Risk management | decision-making process that uses the results of risk assessment, weighing possible responses to the risk, and selecting appropriate actions to minimize or eliminate the risk |
| Ecosystem services | beneficial effects of functioning ecosystems for people and society |
| Negligible risk | a point at which there is no significant health or environmental risk |
| Price probability | the likelihood that a financial asset or product's price will reach a specific level or range within a given time period |
| Subsidy | a gift given to private enterprise by govern- ment when the enterprise is in temporary economic difficulty and is viewed as being important to the public |
| Environmental costs | damage done to the environment as a resource is exploited |
| Nonrenewable resources | those resources that are not replaced by natural processes, or those whose rate of replacement is so slow as to be noneffective |
| Renewable resources | those resources that can be formed or regenerated by natural processes |
| Supply | amount of a good or service available to be purchased |
Created by:
nehaa
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