Chapter 1 Flashcards
1
Q
What are the 4 core concepts of environmental economics?
A
Theory of environmental externalities
Optimal management of common property and public goods
Optimal management of natural resources over time
Economic valuation of environmental goods and services
2
Q
What are public goods?
A
Goods that are nonexcludable and nonrival
3
Q
Common Property Resource Examples
A
Ocean and the Atmosphere
4
Q
What is included in standard circular flow model?
A
Goods
Services
Capital
Money
Natural resources
5
Q
What is sustainable development
A
Development that meets the needs of the present w/out compromising the future generation
