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ECON-2317 - Environmental Economics > Chapter 2 - Economy and the Environment > Flashcards

Chapter 2 - Economy and the Environment Flashcards

1
Q

What is an economy?

A

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

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2
Q

What are the two elementary economic functions pursued by society?

A
  1. Production
  2. Distribution
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3
Q

Define Production:

A

The activities that determine the quantities of goods and services that are produced.

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4
Q

Define Distribution:

A

The way in which goods are divided up, or distributed, among the individuals and groups that make up society.

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5
Q

The final utilization of goods and services is termed ____________.

A

consumption

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6
Q

What is Natural Resources Economies?

A

The study of this flow of nature in its role as a provider of raw materials.

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7
Q

What does Environmental Economics focus on?

A

The flow of materials and energy residuals back into the natural environment and the resultant impacts on the natural world.

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8
Q

Define Ambient Quality:

A

The quantity of pollutants in the environment.

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9
Q

Define Environmental Quality:

A

The state of the natural environment.

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10
Q

What are residuals?

A

Material that is left over after something has been produced.

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11
Q

What are Production Residuals?

A

Materials and energy left after the product has been produced.

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12
Q

___________: The portion of production or consumption residuals that is place in the environment.

A

Emissions

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13
Q

______________: The process of returning some or all of the production or consumption residuals to be used again in production or consumption.

A

Recycling

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14
Q

Define a Pollutant:

A

A substance (Energy or action) when introduced into the natural environments, results in damages for a lowering of the ambient quality level.

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15
Q

What is Effluent?

A

Effluent is used to talk about water and air pollutants.

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16
Q

What is Pollution?

A

When the ambient quality of the environment has been degraded enough to cause some damage.

17
Q

Define Damages:

A

The negative impacts produced by environmental pollution on people in the form of health effects, visual degradation, and on elements of the ecosystem through disruption of ecological linkages.

18
Q

What is an Environmental Medium?

A

Broad dimensions of the natural world that collectively constitute the environment (Land, water, and air).

19
Q

What is a Source?

A

The location at which emissions occur.

20
Q

What two main segments is the economy divided into?

A

Producers and Consumers

21
Q

Draw the Environment and the Economy figure:

A

Lecture 1

22
Q

What is the Producers category of the ‘Environment and the Economy’ figure included?

A

Inputs and convert them to outputs

23
Q

Production and consumption create _________.

A

Residuals

24
Q

Draw the Materials / Energy Balance equation:

A
25
Q

What does ‘M’ stand for?

A

Raw Materials

26
Q

What does ‘G’ stand for?

A

Goods and Services

27
Q

What is Rp?

A

Production Residuals

28
Q

What is ZPG?

A

Zero Population Growth

29
Q

What are the three ways to reduce the quality of raw materials (M)?

A
  1. Reduce Goods and Services (G)
  2. Reduce Rp (Production Residuals)
  3. Increase Recycled from Producers and Consumers
30
Q

What is a Sectoral Shift?

A

The shift from primarily a manufacturing economy toward services is a step in this direction.

31
Q

How does the circular economy fit into environmental economics?

A

For its reduce, reuse and recycle aspect.

32
Q

What do the vertical and horizontal axis’ of the PPC represent?

A

y: Market Goods
x: Environmental Quality

33
Q

What is the curve of the PCC determined by?

A

Technical capacities

34
Q

Where a society choose to locate itself on its PPC is a matter of ____________

A

social choice

35
Q

What are the three environmental medias?

A
  1. Land
  2. Air
  3. Water
36
Q

What are the two types of temporal pollutants?

A

Noncumulative and Cumulative Pollutants

37
Q

Provide an example of noncumulative pollutants:

A

Noise

38
Q

Provide an example of cumulative pollutants:

A

Plastics

39
Q

What are the three scales of pollutants?

A
  • Local
  • Regional
  • Global

ECON-2317 - Environmental Economics (21 decks)

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