Green Defintions Flashcards
(The environment as an) absorber of waste
The environment absorbs waste produced by human activity
Altruism
Humans often behave with kindness and fairness than would be the case if they behaved rationally in there own self -interest
Anchoring
The previous price that the person paid for the product or perhaps the first price that they were offered for the product , acts as an anchor and affects their consumption decisions in the future
Availability bias
The human tendency to think that examples of things that come readily to mind are more respective than is actually the case
Behavioural economics
Challenges the assumption of pure rationality in our decisions shows that individuals economics descions may be biased
Behavioural nudge
Any aspect of the choice architecture that alters people’s behaviours in a predictable way without forbidding any options or significantly changing economic incentives. To count as mere nudge , the intervention must be easy and cheap to avoid
Bias
As systematic, non random error thinking
Bounded rationality
The idea that the cognitive decision making of humans cannot be fully rational because of a number of limits that we face
Bounded self -control
Consumers often do not stop consuming even when it makes sense to stop
Capital
Man-made aids to produce
Capitalism
An economic and political system in which a country’s means of production are controlled by private owners for profit ,rather than by the state
Central purpose of economic activity
The production of goods to satisfy needs and wants
Choice
An act of choosing between 2 or more possibilities
Choice architecture
A scenario in which the environment in which someone must make a decision/choice has been carefully designed in order to try and influence that decision
Default choice
The option that the consumer selects if she or he does nothing
