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13 Cards in this Set

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  • Back
Resources
Somthing to be used for human benefit

Land, Labor and Kapital
Renewable Resources
A resource which will renew in a human time scale

Example - Trees
Non-renewable
Won't renew on human time scale

Example - Oil, coal
List several elements of Classical Economics
a) Price is cost of production only

Such as the labor to turn a tree into a house

b) merged with political heory
c) Q-L+K
d) Adam Smith
List several elements of Neo Classical Economics
a) New economic thought
b) prices rule the economy
c) face prices for all we consume
d) mordern way of viewing world
What is a prescribing economist?
Coming from a biased positions, saying "should do this" and "should maximize consumerism"
Welfare Economics - Seeks to provide citizens with at least:
Shelter
Food
Air
Water
Clothes
Human Capital
Skills, education level, talents
Physical Capital
Machinery
Intellectual Cpaital
Technolgy
Natural Capital
Ecosystem services
Precautionary Priniciple - Three main criteria
1) Uncertainty
2)Remote Possibility
3)Irriversibility
Steady State Principles
Non-renewable : as we deplete use infra structure to switch to new type

Renewable: below max sustainable yeild

Pollution: Below environmental assimilative capacity

Scale: Activities limited by carrying capacity