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Economics > Unit 1 Intro to Enviro Economics > Flashcards

Unit 1 Intro to Enviro Economics Flashcards

1
Q

Why would we us economics to think about environmental issues?

A
  • Economic systems utilize natural resources as inputs to the production of goods
  • Standard Circular Flow Model - natural resources generally fall under land
  • Overexploitation for economic profit can lead to the depletion of renewable resources
  • Environmental economics is anthropocentric, ecological economics is ecocentric
  • Policies aimed at environmental protection have economic costs and benefits
  • Ecological is often macro. Conflicts arise between operation of economic systems and major natural cycles of the planet
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2
Q

What are some of the Pros of of a greater level of economic development? (higher per capita income)

A
  • Higher investment/ improvement in green tech
  • More expendable income
  • elevated standard of living
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3
Q

What are some of the Cons of a a greater level of economic development? (higher per capita income)

A
  • Increased exploitation of natural resources
  • Increased pollution
  • Decrease in global biodiversity
  • Increase in waste from production and consumption
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4
Q

What major environmental problems are still important issues according to the 2012 UNEP report?

A
  • Decline in productivity due to soil carbon loss
  • Nuclear decommissioning
  • Aligning governance to the challenges of global sustainability
  • Transforming human capabilities for the 21st century: meeting global environmental challenges and moving towards a green economy.
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5
Q

What is Economics?

A

the study of how people use limited resources to satisfy unlimited wants.

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6
Q

What are Macroeconomics?

A

Country of Government decisions

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7
Q

What are Microeconomics?

A

Business or Individual decisions

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8
Q

What type of economics applies mainstream economic principles to environmental and natural resource issues?

A

Environmental Economics

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9
Q

What type of economics is a field which brings together viewpoints from different academic disciplines and views the economic system as a subset of the broader ecosystem and subject to biophysical laws?

A

Ecological Economics

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10
Q

What flow model is a diagram that illustrates the ways goods, services capital, and money flows between households and businesses? explain how it works.

A

Standard Circular Flow Model

  • money is paid to firm for service from household
  • firm provides good for consumption to household
  • household provides labour to firm
  • firm provides compensation as income $$$
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11
Q

describe how environment relates to the economy.

A
  • Resources are used to produce goods
  • Production of goods creates a product for sale but also waste
  • Good is consumed by consumers and also creates waste (some material is recycled)
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12
Q

What are environmental sources and sinks?

A

Input - solar energy

Output - waste energy

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13
Q

Which view of economics is a combination of Natural resource economics + Environmental economics?

A

Neoclassical Economics

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14
Q

Which view of economics takes into consideration the interaction between economic systems and ecological systems?

A

Ecological Economics

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15
Q

Which type of economics is the allocation of scarce resources among people?

A

Neoclassical Economics

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16
Q

How is value determined through Neoclassical economics?

A

based on peoples willingness to pay

17
Q

How are neoclassical values measured?

A

convert all values to monetary terms if possible

18
Q

Are market based solutions created for market failures using neoclassical economics?

A

Yes, in the majority of cases.

19
Q

Are future generations considered using neoclassical economics?

A

some are, weight is inferred from market activity.

20
Q

is value neutrality (objectivity) desired with neoclassical economics?

A

Yes. it aims to be value neutral (objective)

21
Q

Does neoclassical economics consider sustainable development?

A

Only as the well being of HUMANS across time

22
Q

are there unlimited growth limits with neoclassical economics?

A

probably not for the foreseeable future

23
Q

How is value determined through ecological economics?

A

Economic value may be useful, but also recognizes inherent values such as the ecosystem and resource management.

24
Q

How is value measured with ecological economics?

A

Some value, inherent value cant be expressed in monetary terms

25
Q

Are market based solutions created for market failures through ecological economics?

A

maybe. Micro level market solutions could fail to address macro level issues.

26
Q

Are future generations considered with the use of ecological economics?

A

more so than neoclassical based on ethical considerations such as resource depletion

27
Q

Does the concept of ecological economics value neutrality?

objectivity

A

values are acceptable in a pluralistic framework

28
Q

How does ecological economics value sustainability?

A

Considers all ecological functions across time, not just the wellbeing of humans.

29
Q

Does ecological economics place value on ultimate growth limits?

A

yes. with the consideration of the availability of natural resources

30
Q

what are major considerations of ecological economics over neoclassical economics?

A

Emissions and waste from production and the role they play within climate change.

31
Q

How does neoclassical economics deal with the cost of production on the environment?

A

Monetarily placing a value on the cost to the environment and weighing the benefits to protection through a cost benefit analysis.

eg. oil and gas industry

32
Q

True/False
Ecological economics looks at micro level and considers the impact on climate change and how it connects to the economic activity.

A

False. It looks at MACROeconomics and considers actual science behind climate change.

33
Q

True/False

Ecological economics create growth limits and advocates for stronger sustainability.

A

True

34
Q

What does the term “equity” mean as a characteristic of ecological economics?

A

Equity is the consideration of the distributions of impacts in present and future generations. (intergenerational)

35
Q

What are some characteristics of ecological economics?

A
  • Strong sustainability
  • Limits to growth
  • Human behaviour
  • Equity
  • Interdisciplinarity
36
Q

what is a classic theme of neoclassical economics?

A

The allocation of scarce resources among the people

37
Q

what are some common themes in neoclassical economics?

A
  • Scarcity
  • Efficiency - lowest amount of input for highest amount of output
  • The market - production and consumption
  • Marginal Analysis

Economics (3 decks)

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