Pearson Environmental Science: Chapter 2 Economics and Environmental Policy – Flashcards
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economics
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the study of how resources are converted into goods and services and how these goods and services are distributed and used
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supply
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the amount of a product offered for sale at a given price
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demand
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the amount of a product people will buy at a given price if free to do
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cost-benefit analysis
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a method in which decision makers compare what will be sacrificed and gained by taking a specific action
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ecological economics
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the field of economics that recognizes the relationships between ecosystems and economic system
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environmental economics
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the field of economics that links environmental and economic costs
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non-market values
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the value that is not included in the price of a product or service
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market failure
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it occurs when markets do not consider the environment's positive effects on economies, such as ecosystem services, or when they do not reflect the negative effects of economic activity on the environment or on people, such as external costs
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ecolabeling
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a labeling system that tells consumers which brands are made with processes that do not harm the environment
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demand curve
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the quantity purchased at a given price
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supply curve
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the quantity produced when sold at a given price
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equilibrium
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supply and demand are equal
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internal costs and benefits
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economists that tend to assume that they only affect buyers and sellers directly involved in transactions
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short-term affects
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the short term costs and benefits that are given more weight than long term costs and benefits; many environmental problems unfold slowly, and less attention is given to the effects of resource depletion and pollution on future generations
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endless resources
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economists often do not consider that resources can run out
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growth
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another assumption of economists is that continued growth is required to keep employment high and maintain social order
