23: Economic Botany Flashcards
What is economic botany?
The study of the relationship between humans and plants, focusing on how plants are used for economic benefit.
Example of economic botany’s focus?
Promoting how plants can be used economically (e.g., medicinal plants, food crops).
How were plants historically studied before formal science?
By healers and farmers who observed their effects and usefulness.
Why was Linnaeus’ floral classification system so popular?
It organized plants by reproductive structures, making it easier to identify useful species.
Name 2 ways plants have been valued historically.
Use value – e.g., food for sustenance.
Scarcity value – e.g., rare spices used as currency or status symbols.
Tradition/spiritual significance or status (e.g., ceremonial use, ornamental plants).
What is the significance of money in economic systems?
It facilitates trade, supports credit systems, and helped expand empires.
What are the 4 factors of production?
- Land – natural resources
- Labour – human effort
- Capital – tools & investments
- Entrepreneurship – innovation and risk-taking
What is the money supply?
The total money circulating in the economy; increased by lending and credit.
How do banks increase the money supply?
By creating loans—money that didn’t previously exist becomes spendable.
Purpose of joint-stock companies post-Columbus?
To finance risky voyages through shared investment, leading to modern stock markets.
What are potential downsides of capitalism?
Bank collapses, market crashes, and funding of unethical ventures (e.g., slavery).
Define externalities.
Costs/benefits of economic actions that affect third parties and aren’t reflected in prices (e.g., pollution, forced labour).
Example of 2 negative externalities?
- Environmental damage from industry
- Suffering of enslaved persons during colonial trade
Symbolism of the Windigo legend?
Represents greed, overconsumption, and selfishness—warning against destructive economic behaviours.
What is the “One Dish, One Spoon” treaty?
A Haudenosaunee agreement emphasizing shared use and stewardship of land and resources.
What are the two ways to address externalities?
Modify existing economic models
Develop entirely new models
What is the circular flow of income model?
A simplified model of money flow between households and firms, ignoring nature and externalities.
How does the ecosystem perspective differ?
Views economy as embedded within nature and dependent on ecosystem services.
What are the four categories of ecosystem services?
Provisioning – food, water, timber
Regulating – climate control, pollination
Cultural – recreation, spiritual value
Supporting – nutrient cycling, soil formation
