Chapter 3 Flashcards
What are externalities
whether positive or negative, they are the hidden costs and benefits to a actions (unintended)
Environmental economics
places value on components of the environment
- Use system dynamics modeling to predict
potential future balances of human
population, pollution, and agriculture
production
Ecological economics
develop methods to value biodiversity by integrating economic valuation with ecology, environmental science, sociology, and ethics and to use those valuations to design better policies
cost-benefit analysis
compares values gained against the costs of a project on the environment
GDP
measures economic activity in a country without accounting for all the costs of unsustainable activities
Provisioning services
material/energy outputs of an ecosystem
Regulating services
act as regulators for quality of soil, air, water quality
-
Consumptive use value
consumed locally
- fuelwood, meat
Bioprospecting
activity of looking for biological communities to use for medicine or some
Existence value
Amount people are willing to pay to protect something (generally)
What is voluntary transaction?
tenant of economics which is the idea that a monetary transaction will only occur when its beneficial for both parties
perverse subsidies
an environment-damaging economic activity may appear profitable even when they’re actually losing money because the gov will reward them with tax breaks, free water, cheaper fossil fuel to subsidize what they lose for unsustainable practices
National Environmental Policy Act (NEPA)
act that was passed that requires businesses to conduct an Environmental Assessment (EA) and an Environmental Impact Statement (EIS)t in order to determine the costs/benefits to a project
Environmental Assessment (EA)
determines whether the env will be impacted by the project.
- performed first
Environmental Impact Statement (EIS)
determine the extent of the impact and outlines what will be done to mitigate the impact done to the env.
