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| the study of how people decide to use scarce resources to provide goods and services in the face of demand for them |
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| social system that converts resources into goods. |
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| material commodities manufactured for and bought by individuals and businesses. |
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| work done for others as a form of business. |
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| meet most or all of their daily needs directly from nature and do not purchase or trade for most of life's necessities. |
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| capitalist market economy |
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| buyers and sellers interact to determine which goods and services to produce, how much and how to produce/distribute them. |
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| centrally planned economies |
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| government determines how to allocate resources. |
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| hybrid systems borrowing elements from subsistence, capitalis market, and centrally planned economies. |
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| essential natural processes that make our economic activity possible (purify air/water, cycle nutrients, provide for the pollination of plants by animals, receive/recycle waste generated by our economic activity. |
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-Scottish philosopher
-known as father of classical economics. |
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Definition
the study of buyers and sellers in a free-market economy.
-individuals acting in their own self-interest may benefit society, provided that their behavior is constrained by the rule of the law and by private property rights and operates within competitive markets. |
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| examines the psychological factors underlying consumer choices, explaining market prices in terms of consumer preferences for units of particular commodities. |
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| estimated costs for a proposed action are totaled and then compared to the sum of benefits estimated to result from the action. |
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| costs of a transaction that affect people other than the buyer or the seller. |
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| apply principals of ecology and systems science to the analysis of economic systems. |
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| an economy that does not grow or shrink, but remains stable. |
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| believe that we can attain sustainability within our current economic systems. |
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values not usually included in the price of a good or service.
Ex: aesthetic and recreational value obtained from natural landscapes (hard to quantify). |
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| when markets do not take into account the environment's positive effects on economies, or when they do not reflect the negative effects of economic activity on the environment or people. |
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| a formal set of general plans and principals intended to address problems and guide decision making in specific instances. |
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| policy made by governments intended to advance societal welfare. |
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pertains to human interactions with the environment.
-regulates resource use/reduce pollution to promote human welfare/protect natural systems. |
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| a party that fails to invest in controlling pollution or carrying out other environmentally responsible activities. |
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| statutory law passed by Congress. |
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| specific rules based on the more broadly written statutory law. |
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| National Environmental Policy Act (NEPA) |
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| U.S. law enacted in 1970 that created agency (Council on Environmental Quality) requiring that an environmental impact statement be prepared for any major federal action. |
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| environmental impact statement (EIS) |
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| report of results from studies that assess the potential impacts on the environment that would likely result from development projects. |
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| Environmental Protection Agency (EPA) |
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| conducts and evaluates research, monitoring environmental quality, setting and enforcing standards for pollution levels, assistin ght estates in meeting standards/goals and educating the public. |
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| international law that arises from longstanding practices or customs held in common by most cultures. |
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| arises from conventions or treaties into which countries enter. |
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| an approach to protecting the environment that sets strict legal and limits and threatens punishment for violation of those limits. |
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| a governmental giveaway of cash or publicly owned resources. |
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| taxes on environmentally harmful activities and products. |
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| the practice of designating on a product's label how the product was grown, harvested, or manufactured, so that consumers buying it are aware of the processes involved and can differentiate between brands. |
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| public-private partnership |
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Definition
| the combination of government regulation and private enterprise to effectively respond to environmental challenges. |
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