Chapter 5 Botkin

Question 1

The history of modern environmental law can be traced back to the…

Answer 1

1960s

Question 2

What is environmental economics?

Answer 2

it is about how to pursade people, organizations and society at large to act in a way that benefits the environment

Question 3

what are the two main areas of environmental economics?

Answer 3

keeping pollution awat and and sustaining renewable resouces

Question 4

What are public-service functions ?

Answer 4

services ecosystems provide to humans

ex: plants cleaning air

Question 5

What is natural capital?

Answer 5

the ecological systems that provide benefits

ex: pollinating crops worth 15 billion - massive benefit to human economically

Question 6

What is commons?

Answer 6

a land or resource owned publicly, with public access for private use

Question 7

What are externalities?

Answer 7

Costs of benefits that don’t show up in the price tag

the uncompensated impact of one person’s actions on the well-being of a bystander

Question 8

what is a negative externality?

Answer 8

impact on the bystander is adverse

Question 9

Positive externality

Answer 9

impact on the bystander is beneficial