Chapter 3 Flashcards
- How can you define Environmental risk? What is probability and why is it important in risk assessment?
Risk is the probability that a condition or action will lead to an injury, damage, or loss. Probability is a mathematical statement about how likely it is that something will happen. It is important because it helps us determine how likely it is that a possible event will occur.
- What is risk management? How do you determine risk?
Risk management is a decision-making process that involves using the results of risk assessment, weighing possible responses to the risk. To determine risk, you consider factors such as probability of the event happening, the severity of its impact, and any existing control measures in place.
- What is economics and why is it important when it comes to understanding environmental risk?
Economics is the study of how people choose to use resources to produce goods and services and how goods and services are distributed to the public. It is important because environmental problems are primarily economic problems.
- Why are resources important economically?
Resources are important economically because they are the beginning of economic activity, enabling the production of goods and services that drive economic growth and improve our quality of life.
- Explain the concept of supply and demand.
Supply is the amount of a good or service people are willing to sell at a given price. Demand is the amount of a good or service that consumers are willing and able to buy at a given price. Supply and demand analysis helps us understand how changes in factors like prices, incomes, tastes, or production costs can affect the equilibrium price and quantity in a market. It provides insights into the dynamics of markets and guides decision-making for producers, consumers, and policymakers.
- What is cost-benefit analysis?
A formal process for calculating the costs and benefits of a project or course of action, to decide if benefits are greater than costs.
- Explain the “Tragedy of the Commons”.
A formal process for calculating the costs and benefits of a project or course of action, to decide if benefits are greater than costs.
When everybody shares ownership of a resource, there is a strong tendency to overexploit and misuse that resource. The problems inherent in common ownership of resources were outlined by biologist Garrett Hardin in a classic essay entitled “The Tragedy of the Commons” (1968). The original “commons” were areas of pastureland in England that were provided free by the king to anyone who wished to graze cattle.
- What is “Brownfield”?
Type of land that has been previously used for industrial or commercial purposes and is potentially contaminated.
- What is sustainable development? Is it possible?
Development that meets present needs without compromising the ability of future generations to meet their own needs. Yes, it is possible but also crucial for the well-being of our planet and future generations.
