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Chapter 23 and 24


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Economic system
a social institution through which goods and services are produced, distributed, and consumed to satisfy people's needs and wans, ideally in the momst efficient way possible.
Natural capital
includes resources and services produced by earth's natural processes, which support all economies and all life.
Human capital/human resources
includes people's physical and mental talents that provide labor, organizational and managment skills, and innovation
Manufactured capital/manufactures resources
refers to items such as machinery, equipment, and factories made from natural resources with the help of human resources
free market economic system
all economic decisions are governed solely by the competitive interactions of supply, demand, and price, with litle or no government control or interference in these interactions
market price equilibrium point
the point at which the supply and demand curves intersect, where th esupplier's price matches what uyers are willing to pay for some quantity and a sale is made.
economic growth
is an increase in a nation's capacity to provide goods and services to people
economic development
is the improvement of human living standards through economic growth
environmentally sustainable economic development
Its goal is to use political and economic systems to encourage environmentally beneficial and more sustainable forms of economic development, and to discourage environmentally harmful and unsustainable forms of economic growth
open-access resources
resources that are not bought or sold because they are owned by no one and available for use by everyone at little or no charge. i.e. the ocean
high-throughout economies
most common in today's advanced industrialized countries, this type of economy attempts to boost economic growth by increasing the flow of matter and energy resources extracted from the environment through their economic systems to produce goods and services
existence value
a monetary value placed on a resource such as an old-growth forest or endangered species just because it exists, even though we may never see it or use it
aesthetic value
a monetary value placed ona forest, species, or a part of nature because of its beauty
bequest/option value
is based on the willingness of people to pay to protect some forms of natural capital for useby future generations
discount rate
is an estimate of a resource's future economic value compared to its present value
cost-benefit analysis
a widely used tool for making economic decisions about how to control pollution and manage resources, this is done by comparing estimated costs and benefits for actions such as implementing a pollution control regulation.
full-cost pricing
market cost would include the harmful external costs
gross domestic product (GDP)
the annual market value of all goods and services produced by all firms and organizations, foreign and domestic, operating within a country
per capita GDP
the GDP divided by a country's total population at midyear. GPI for a country divided by the country's population at mid-year
environmental indicators
new developments to help monitor environmental quality and human well-being
genuine progress indicator (GPI)
the GDP plus the estimated value of beneicial transactions that meet basic needs, but which no money changes hands, minuse the estimated harmful environmental, health, and social costs of all transactions
gross national happiness (GNH)
a concept to measure Bhutan's efforts towards sustasinable efconomic development
environmentally honest market system
include the estimated harmful environmental and health costs of goods and services in their market pricecs to reflect as closely as possible their full costs
greenwashing
a deceptive practice that some businesses use to spin environmentally harmful products and services as green, clean, or environmentally beneficial
green taxes/ecotaxes
taxes be levied by per-unit basis on rhe amount of pollution and hazardous waste