Chapter 2

Question 1

Economy

Answer 1

a collection of technological, legal, and social arrangements through which individuals in society seek to increase their material and spiritual well being.

Question 2

Production

Answer 2

All those activities that determine the quantities of goods and services that are produced and the technological and managerial means by which this production is carried out

Question 3

Distribution

Answer 3

the way in which goods and services are divided up or distributed amount individuals and groups

Question 4

Natural Resource Economics

Answer 4

The study of nature in its role as provider of raw materials. The application of economic principles

Question 5

Environmental Economics

Answer 5

The study of residuals flow and its resultant impacts in the natural world

Question 6

Nonrenewable Resources

Answer 6

There are no process of replenishment (ex. mineral deposits)

Question 7

Intertemporal Dimension

Answer 7

Trade-offs between the present and future

Question 8

Assimilative capacity

Answer 8

the ability of the natural system to accept certain pollutants and render them benign or inoffensive

Question 9

Production possibility Curve (PPC)

Answer 9

a curve showing the different combinations of two things a society may produce at any time, given its resources and technological capabilities.

Question 10

Short-Run Decisions

Answer 10

made on the basis of consequences that happen in the near term or of impacts as they are felt by the present generation

Question 11

Long-Run Decisions

Answer 11

attention is paid to consequences that occur well into the future or to future generations

Question 12

Ambient Quality

Answer 12

quality of pollutants in the environment. Ex. the concentration of SO2 in the air over a city

Question 13

Environmental Quality

Answer 13

the state of the natural environment.

Question 14

Residuals

Answer 14

Material that is left over after something has been produced.

Question 15

Emissions

Answer 15

The portion of production or consumption residuals that is placed in the environment

Question 16

Pollutant

Answer 16

A substance, energy form, or action that when introduced into the natural environment, results in a lowering of the ambient quality level

Question 17

Pollution

Answer 17

when any amount of residual has been introduced into the environment / happens only when ambient quality of the environment has been degraded enough to cause some damage

Question 18

Damages

Answer 18

the negative impacts produced by environmental pollution on people in the form of health effects, etc.

Question 19

Environmental Medium

Answer 19

Broad dimensions of the natural world that collectively constitute the environment, usually classified as land, water, and air.

Question 20

Source

Answer 20

The location at which emissions occur