1.4 - SUSTAINABILITY Flashcards
Difference between goods and services
Goods: marketable economic resources (e.g. timber fossil fuels)
Services: ecological or life-support services (e.g. pollinators, UV protection, flood control)
What is natural income?
the annual yield (harvesting) of goods/services made by humans
What is sustainable development?
Development that meets the needs of the present without compromising the future generations’ needs.
What do we mean by sustainability?
The management of exploitation of resources that allows for the recovery of ecosystems
What are Environmental Impact Assessments?
A process developed in the 60s for decision-making, considering the social and environmental impacts of a project.
What is the relationship between natural capital and natural income?
To become sustainable, natural capital should not be exploited. If natural capital left after exploitation is smaller than natural income, it means natural capital won’t be able to replace itself in time.
