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13 Cards in this Set
- Front
- Back
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Resources
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Somthing to be used for human benefit
Land, Labor and Kapital |
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Renewable Resources
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A resource which will renew in a human time scale
Example - Trees |
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Non-renewable
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Won't renew on human time scale
Example - Oil, coal |
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List several elements of Classical Economics
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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 |
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List several elements of Neo Classical Economics
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a) New economic thought
b) prices rule the economy c) face prices for all we consume d) mordern way of viewing world |
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What is a prescribing economist?
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Coming from a biased positions, saying "should do this" and "should maximize consumerism"
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Welfare Economics - Seeks to provide citizens with at least:
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Shelter
Food Air Water Clothes |
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Human Capital
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Skills, education level, talents
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Physical Capital
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Machinery
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Intellectual Cpaital
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Technolgy
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Natural Capital
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Ecosystem services
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Precautionary Priniciple - Three main criteria
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1) Uncertainty
2)Remote Possibility 3)Irriversibility |
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Steady State Principles
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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 |
