Chapter 5 Flashcards
Subsistence economy
Growing and producing food on your own to avoid purchasing
Capitalist market economy
Interactions with buys + sellers
Centrally planned economies
socialist economies
Ecosystem service
ways that the environment gives back to the economy naturally
Classical economics
Examines pyschological antics of buys and sellers, buyers want lowest price sellers want highest profic = middle price
Cost benefit analysis
Profits to be made -initial costs
Green Washing
Misleading consumers into believing a company is greener then they are
Steady State economies
Economies that dont change
Free rider
Other companies reduce their pollution but, it becomes tempting for one not to do so
National environmental policy act NEPA
Required that an environmental impact statement be prepared for any major federal action, that might effect environmental quality
International law
Known as customary law, arises from long standing practives, or customs held in common by most cultures
Conventional law
Arises from conventions or treatys into which nations enter
World Trade organization
Represents multinational corporations and promotes free trade by reducing obstacles to international commerce
Command and control policy
an agency create rules, standards, and limits, and enforces them with punishment
Polluter pays principle
Taxes on pollution (polluter pays for impacts of pollution)
Subsidy
A government give away, of money or resources that is intended to encourage a particular industry, or activity
Permit Trading
The government makes permits for an environmental harmful activity, companys and industries can buy them, and can sell the environmentally activity
eco-labeling
Tells consumers what brands are environmentally friendly
