Chapter 2 #19-35 Flashcards
Externalities
Costs or benefits of a transaction that involve people other than the buyer or seller
environmental justice
Involves the fair and equitable treAtment of all people with respect to environmental policy and practice, regardless of their income, race, or ethnicity.
GPI
Introduced in 1995 by the nonprofit organization redefining progress
Good
Material commodities manufactured for and bought by individuals and businesses
Green accounting indices
A way to measure the economic value while knowing the results of the environment
GDP
Total monetary value of final goods and services it produces each year.
Market failure
Occurs when markets do not take into account the environments positive effects economies or when they do. It reflect the negative effects of economic activity on the environment or on people
Neoclassical economics
Examines the psychological factors underlying consumer choices explaining market prices in terms of consumer preferences for units of particular commodities
Nonmarket values
Values not usually included in the price of a good or service
Permit-trading
To cut back the amount of pollution. By trading the amount of pollution in each country
Preservation
Can’t touch.
Relativists
Believe that ethics do and should vary with social context
Service
Work done for others as a form of business
Steady-state economies
Intended to mirror natural ecological system
Subsistence economy
The oldest type of economy. Meet all of the daily needs directly from nature and do not purchase or trade for most of life’s necessities
