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Definition
| cost incurred solely by manufacturer. additional cost incurred by producer through production/use of each additional unit. |
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Definition
| change in the total cost incurred by households/firms, associated w/unit change in the consumption/output of other households/firms. |
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Definition
| the consumers/producers combined benefit from reaching a certain level of consumption in the market. |
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Term
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Definition
| the consumers/producers combined cost/expense from reaching a certain level of output in the market. |
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Term
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Definition
| desire for certain good; WTP. |
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Definition
| comparison of what is actually produced w/what can be achieved by the same consumption of resources. |
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| the monetary costs/benefits to well-being of biosphere, plus sustainability of system. addresses environmental issues. |
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Term
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Definition
| economics dealing with natural resources; engaged in primary sector of resource extraction. |
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Term
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Definition
| benefit, value, profit that must be given up to acquire/achieve something else. |
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| conditions where no one can benefit at another's cost. |
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Definition
| the difference between the present value of the future cash flows from an investment & the amount of the investment. |
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Term
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Definition
| concept that the value of g/s is related only to it's mode of use, or to equivalent in cash, disregarding intrinsic value. |
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Term
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Definition
| the potential value of the resources for future use. |
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Term
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Definition
| utility gained from knowing something exists; prominent example of 'non-use value'. |
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Term
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Definition
| pricing method based on consumer’s response, such as WTP or acceptable compensation. |
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Term
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Definition
| used to evaluate with regards to all factors. |
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Term
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Definition
| the utility consumers receive for which they do no have to pay for; how much a consumer values a good over & above it's purchase price. |
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Term
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Definition
| difference between the amount producer receives for selling a good and the lowest amount WTA. |
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Term
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Definition
| property held jointly by two + owners. |
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Term
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Definition
| side effect on an individual/entity due to actions of another. |
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Term
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Definition
| consumption is not determined by individual consumer but by whole society; non-excludable, non-rival. |
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