Unit 1: Intro: Slideshow Flashcards
1
Q
Externalities
A
Effects of market transaction that has effects outside of parties involved in transaction
2
Q
Market Failure
A
Unregulated market fails to produce outcome that is most beneficial to societies
3
Q
Common Property Resource
A
Nonexcludable & Rival
4
Q
Public Good
A
Nonexcludable & Non Rival
5
Q
Natural Resources
A
Land & Resources: includes ecological life-support systems
6
Q
What are the main frameworks that Economists use to understand Environmental Issues
A
Ecological vs Environmental Economics
7
Q
What is the relationship between economic growth and the environment
A
Growth produces externalities that has neg. effects on the environment
8
Q
Natural Capital
A
Available endowment of land and resources
