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24 Cards in this Set

  • Front
  • Back
economic decision
Deciding (1) what goods and services to produce, (2) how to produce them, (3) how much to produce, and (4) how to distribute them to people
environmental worldview
How people think the world works, what they think their role in the world should be, and what they believe is right and wrong environmental behavior
benefit cost analysis

Estimates and comparison of short-term and long-term costs (losses) and benefits (gains) from an economic decision. If the estimated benefits exceed the estimated costs, the decision to buy an economic good or provide a public good is considered worthwhile.
pure free-market economic system:
System in which all economic decisions are made in the market, where buyers and sellers of economic goods interact freely, with no government or other interference. Compare capitalist market economic system, pure command economic system
manufactured resources
Manufactured items made from natural resources and used to produce and distribute economic goods and services bought by consumers. These include tools, machinery, equipment, factory buildings, and transportation and distribution facilities. Compare financial resources, human resources, natural resources
full cost
Cost of a good when its internal costs and its estimated short- and long-term external costs are included in its market price. Compare external cost, internal cost.
Inability to meet basic needs for food, clothing, and shelter
spaceship-earth worldview:
View of the earth as a spaceship: a machine that we can understand, control, and change at will by using advanced technology. See planetary management worldview. Compare environmental wisdom worldview.

Process through which individuals and groups try to influence or control government policies and actions that affect the local, state, national, and international communities
capitalist market economic system
Economic system built around controlling market prices of goods and services, global free trade, and maximizing profits for the owners or stockholders whose financial capital the company is using to do business. Compare pure command economic system, pure free-market economic system.
planetary management worldview
Beliefs that (1) we are the planetÕs most important species; (2) there is always more, and itÕs all for us; (3) all economic growth is good, more economic growth is better, and the potential for economic growth is limitless; and (4) our success depends on how well we can understand, control, and manage the earthÕs life-support systems for our own benefit. See spaceship-earth worldview
Government by the people through their elected officials and appointed representatives. In a constitutional democracy, a constitution provides the basis of government authority and puts restraints on government power through free elections and freely expressed public opinion.
discount rate:
The economic value a resource will have in the future compared with its present value
pure command economic system:
System in which all economic decisions are made by the government or some other central authority. Compare capitalist market economic system, pure free-market economic system.
internal cost
Direct cost paid by the producer and the buyer of an economic good
human resources
Physical and mental talents of people used to produce, distribute, and sell an economic good. Compare financial resources, manufactured resources, natural resources.
environmental justice
Fair treatment and meaningful involvement of all people regardless of race, color, sex, national origin, or income with respect to the development, implementation, and enforcement of environmental laws, regulations, and policies
natural resources
The earth's natural materials and processes that sustain other species and us. Compare financial resources, human resources, manufactured resources
external cost
Harmful social effect of producing and using an economic good that is not included in the market price of the good. Compare external benefit, full cost, internal cost
external benefit
Beneficial social effect of producing and using an economic good that is not included in the market price of the good. Compare external cost, full cost.

external cost: Harmful social effect of producing and using an
economic resources
Natural resources, capital goods, and labor used in an economy to produce material goods and services. See natural resources
environmental ethics
Our beliefs about what is right or wrong environmental behavior
System of production, distribution, and consumption of economic goods
financial resources
Cash, investments, and monetary institutions used to support the use of natural resources and human resources to provide economic goods and services. Compare human resources, manufactured resources, natural resources