Chapter 5

Front 1

Economy

Back 1

a social sysem that converts resources into goods.

Front 2

Goods

Back 2

material commodities manufactured for and bought by individuals and businesses.

Front 3

Services

Back 3

work done for others as a form of business.

Front 4

Capitalist Market Economy

Back 4

interactions among buyers and sellers determine which goods and services are produced, how much is produced, and how these are produced and distributed.

Front 5

Centrally Planned Economies

Back 5

government determines how to allocate resources.

Front 6

Mixed Economies

Back 6

Capitalist and socialist economies have borrowed much from one another and are a hybrid system.

Front 7

Ecosystem Services

Back 7

are regularly involved in the provisioning of clean drinking water and the decomposition of wastes.

Front 8

Classical Economics

Back 8

asserts that markets function best with minimal government interference.

Front 9

Neoclassical Economics

Back 9

psychological factors underlying consumer choices.

Front 10

Cost-benefit Analysis

Back 10

total of estimated costs for a proposed action and compare these to the sum of benefits estimated to result from the action.

Front 11

External Costs

Back 11

costs of a transaction that affect people other than the buyer or seller.

Front 12

Ecological Economists

Back 12

is a growing transdisciplinary field that aims to improve and expand economic theory to integrate the earth's natural systems, human values and human health and well-being.

Front 13

Steady State Economies

Back 13

intended to mirror natural systems.

Front 14

Greenwashing

Back 14

disinformation disseminated by an organization so as to present an environmentally responsible public image.

Front 15

Market Failure

Back 15

when markets do not take into account the environment's positive contributions to economies.

Front 16

Policy

Back 16

a formal set of general plans and principles intended to address problems and guide decision making in specific principles.

Front 17

Public Policy

Back 17

the principles, often unwritten, on which social laws are based.

Front 18

Environmental Policy

Back 18

human interactions with the environment.

Front 19

Free Rider

Back 19

Avoiding the sacrifices others are making.

Front 20

Legislation

Back 20

stationary law.

Front 21

Regulations

Back 21

specific rules intended to help achieve the objectives of the more broadly written statutory law.

Front 22

National Environmental Policy Act

Back 22

is a United States environmental law that promotes the enhancement of the environment and established the President's Council on Environmental Quality

Front 23

Environmental Impact Statement

Back 23

a document required by the National Environmental Policy Act (NEPA) for certain actions "significantly affecting the quality of the human environment".

Front 24

Customary Law

Back 24

international law.

Front 25

Conventional Law

Back 25

arises from conventions.

Front 26

North America Free Trade Agreement

Back 26

creation of one of the world's largest free trade zones and laying the foundations for strong economic growth and rising prosperity for Canada, the United States, and Mexico.

Front 27

World Bank

Back 27

one of the largest sources of funding for economic development.

Front 28

World Trade Organization

Back 28

multinational corporations commerce and enforcing fairness among nations in trading practices.

Front 29

Non-governmental Organizations

Back 29

is a not-for-profit organization that is independent from states and international governmental organizations.

Front 30

Command and Control Approach

Back 30

an agency prohibits certain actions or sets of rules, standards, or limits, and threatens punishment for violations.

Front 31

Green Taxes

Back 31

reimbursing the public for environmental damage it causes.

Front 32

Polluter-pays Principle

Back 32

the party that pollutes should be held responsible for covering the costs of its impacts.

Front 33

Permit Trading

Back 33

government creates a market in permits for an environmentally harmful activity and companies, utilities or industries are allowed to buy, sell, or trade rights to conduct the activity.

Front 34

Emissions Trading System

Back 34

was the first large greenhouse gas emissions trading scheme in the world, and remains the biggest.

Front 35

Cap-and-trade

Back 35

government determines amount of pollution it will accept and then issues permits to polluters that allow them each to emit a certain fraction of that amount.

Front 36

Ecolabeling

Back 36

tells consumers which brands use environmentally benign processes.