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CERP 140 > Module 2 (Part 1) > Flashcards

Module 2 (Part 1) Flashcards

1
Q

Consists of households and firms.

A

Economic System

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2
Q

Households provides and consumes what?

A

provides labor (L) and consume goods & services (G&S).

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3
Q

Firms use what to produce what?

A

use labor (L), capital (K), and natural resources (R) to produce G&S.

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4
Q

is produced by both households and firms—some is recycled, and some is discharged into the environment.

A

Waste

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5
Q

Encompasses the earth and its atmosphere.
Provides inputs like natural resources and acts as a waste sink.
Offers life support and amenity services.

A

Environmental System

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6
Q

Four Classes of Environmental Services

A

(NLAW)
Natural Resources
Life Support Services
Amenity Services
Waste Sink

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7
Q

Raw materials from the earth that support economic activities.

A

Natural Resources

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8
Q

Natural Resources includes these two

A

R and CPR
Includes renewable resources (e.g., timber, fisheries) and common property resources (e.g., clean freshwater).

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9
Q

can be depleted if used faster than replenished (e.g., mineral stocks).

A

critical zone resources under flow resources

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10
Q
A
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11
Q

renewable regardless of use (e.g., solar energy, wind).

A

non-critical zone resources under flow resources

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12
Q

can be depleted completely.

A

Stock Resources

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13
Q

finite, exhaustible resources (e.g., fossil fuels, ores).

A

Non-renewable stock resources

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14
Q

naturally renewed quickly.

A

Flow Resources

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15
Q

regenerate naturally (e.g., timber, fish stocks).

A

Renewable Stock Resources

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16
Q

Essential conditions for human survival (e.g., oxygen levels, temperatures).
Enable human life and economic activities.

A

Life Support Services

17
Q

Directly consumed experiences without transformation (e.g., walking in a forest, swimming in a lake).

A

Amenity Services

18
Q

Generally do not reduce future availability of these services. However, activities like mass tourism or illegal harvesting can negatively affect these services.

A

Amenity Services

19
Q

The environment absorbs waste products from economic activities.
Waste includes chemical, plastic, organic, and gaseous by-products (e.g., CO2 emissions).
Waste can be recycled or accumulated in the environment.

A

Waste Sink

20
Q

Waste can be recycled or accumulated in the environment.
High quantities of waste can lead to harmful environmental changes (e.g., climate change due to greenhouse gas emissions).

A

True; Waste Sink

21
Q

What are the four functions of the environment?

A

Natural Resources: Raw materials used in economic activities.
Life Support Services: Essential conditions that make human life possible (e.g., air quality).
Amenity Services: Environmental experiences directly enjoyed by households (e.g., recreation in natural areas).
Waste Sink: Absorption and recycling of waste generated by economic activities.

22
Q

What are included in the economic system? In the environmental system?

A

Economic System
1. Households (providing labor and consuming goods) and
2. firms (producing goods and services using labor, capital, and natural resources).

Environmental System
1. Planet earth and its atmosphere, providing NLAW natural resources, life support, amenity services, and functioning as a waste sink.

23
Q

How would you define public goods? What is the deciding factor to distinguish a public good?

A

Public Goods:
Goods that are 1. non-excludable (cannot prevent others from using) and 2. non-rivalrous (one person’s use does not reduce availability for others).

Deciding Factor: The inability to exclude individuals from using the good is key to defining a public good (e.g., clean air).

24
Q

What is the difference between emissions and pollution? Can you give examples?

A

Emissions: The release of substances into the environment (e.g., CO2 emissions from cars).

Pollution: When emissions cause a negative impact on the environment (e.g., smog from emissions affecting air quality).

25
Q

Pollutants influence the quality of environmental services and environmental quality. What are the examples?

A
  1. Heavy metals in water can harm aquatic life.
  2. Pesticides can degrade soil quality and affect food safety.
  3. Plastic waste in oceans can harm marine life.
  4. CO2 emissions can contribute to global warming, affecting climate patterns.
26
Q

Give examples on how the environment provides space for the location of the economic system.

A

(fofu)
1. Farmland provides space for agriculture.
2. Oceans serve as fishing grounds.
3. Forests offer locations for tourism and recreation.
4. Urban areas provide space for industrial and commercial activities.

27
Q

Interaction Among Environmental Services

A
  1. Environmental services interact not just with the economy but also among themselves.
  2. These interactions make the relationship between the environment and economy more complex
28
Q

Fossil Fuel Extraction and CO2 Emissions
1. Economic Dependence on Fossil Fuels
2. Extraction Process
3. Combustion and Emissions
4. CO2 Accumulation and the Greenhouse Effect

A
  1. The current economic system heavily relies on fossil fuels for energy.
    Common fossil fuels include coal, petroleum, and natural gas.
  2. Firms extract these resources from the environment, utilizing the environment’s resource service.
  3. Fossil fuel consumption leads to the release of CO2, a major greenhouse gas (GHG). CO2 emissions are released into the atmosphere, using the environment’s waste sink service.
  4. CO2 accumulates in the atmosphere, leading to the greenhouse effect.
    The greenhouse effect results in the trapping of heat, contributing to climate change.
29
Q

Global Warming vs Climate Change

A

The terms “global warming” and “climate change” are sometimes used interchangeably, but “global warming” is only one aspect of climate change.

“Climate change” encompasses global warming, but refers to the broader range of changes that are happening to our planet.

30
Q

Impacts on Resource Services

A

Extreme Weather Events:
Climate change increases the frequency of severe droughts and storms.
These events can reduce the availability of healthy soils, impacting agriculture.

31
Q

Impacts on Life Support Services

A

Temperature and Precipitation Changes:
Alterations in temperature and rainfall can lead to loss of biodiversity.
These changes can destabilize ecosystems and threaten species’ survival.

32
Q

Impacts on Amenity Services

A

Changes in Natural Landscapes:
Melting glaciers and shorter ski seasons affect recreational activities.
Unusual heat waves reduce the comfort and appeal of summer activities.

33
Q

Impacts on Waste Sink Services

A

Rivers’ Assimilative Capacity:
Rising temperatures can decrease the ability of rivers to break down and assimilate waste.
This affects the quality of freshwater resources.

34
Q

Economic Implications of Climate Change

A

RLTDC
1. Reduced Economic Growth
2. Lower Agricultural Productivity
3. Tourism Decline
4. Decreased Food Security
5. Challenges in Poverty Reduction

Climate impacts can slow down overall economic growth due to disruptions in various sectors.

Changes in soil health, water availability, and weather patterns can reduce crop yields.

Negative impacts on amenity services like shorter ski seasons or damaged coastal areas can reduce tourism

Lower productivity in agriculture leads to challenges in maintaining food supply.

Economic disruptions and food security issues make it harder to lift populations out of poverty.

35
Q

Fossil fuel extraction and combustion directly connect the environment’s resource service and waste sink service.

A

True

36
Q

The release of CO2 leads to climate change through the greenhouse effect.

A

True

37
Q

Climate change affects all four environmental services: NLAW (natural) resource availability, life support conditions, amenity experiences, and waste assimilation.

A

True

38
Q

These environmental changes also have ripple effects on economic activities, posing challenges to growth, productivity, and social stability.

A

True

CERP 140 (5 decks)

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