Economics, Environment, and Sustainability Flashcards
Economic System is:
A human social system with goods and services
Human Capital
Human work
Manufactured Capital
Machine and technology work
High Throughput Economy
An economy that is boosted by energy and resources
Neo-Classical Economics
Free market, capitalist, unlimited Economic growth
Marxism and the Economy
Doesn’t account for finite resources
Ecological Economics acknowledges:
- The use of energy
- Finite Economic growth
- Limited Resources
- Full Cost Pricing
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Economic Externalities are:
Unwanted results of production and consumption
Cost-Benefit Analysis
System for weighing costs and benefits
Two problems with Cost-Benefit Analysis are:
- Indirect costs are difficult to estimate
- Bias to favor a specific outcome
GDP
Value of all goods and services in an area and time
GNI
Amount of money earned in a Nation by businesses and people
Per Capita
Average income in an area
GPI =
GDP + benefits not weighed in cost- benefit analysis or market transactions
