Chapters 3-6 Flashcards
Risk
the probability that a condition or action will lead to an injury, damage, or loss.
Probability
A mathematical statement about how likely it is that something will happen
Risk assessment
the use of facts and assumptions to estimate the probability of harm to human health or the environment that may result from particular management decisions.
Risk management
a decision-making process that involves weighing policy alternatives and selecting the most appropriate regulatory action by integrating the results of risk assessment with engineering data and with social, economic, and political concerns.
Economics
the study of how people choose to use resources to produce goods and services and how these goods and services are distributed to the public.
Resources
the available supply of something that can be used.
Natural resources
structures and processes that humans can use for their own purposes but cannot create.
Supply
the amount of a good or service people are willing to sell at a given price
Demand
the amount of a good or service that consumers are willing and able to buy at a given price
subsidy
a gift from government to individuals or private enterprise to encourage actions considered important to the public interest
brownfields
those areas perceived to have environmental liabilities
Life cycle analysis
process of assessing the environmental effects associated with the production, use, reuse, and disposal of product over its entire useful life
extended product responsibility
the concept that the producer of a product is responsible for all the negative effects involved in its production, including the ultimate disposal of the product when its useful life is over
sustainable development
development that meets the needs of the present without compromising the ability of future generations to meet their own needs
debt-for-nature-exchanges
an innovative mechanism for addressing the debt issue while encouraging the investment in conservation and sustainable development
