Tests

Front 1

Biocentrism

Back 1

humans should protect the environment to the extreme

Front 2

Anthropocentrism

Back 2

human should use the environment however they please

Front 3

precautionary principle

Back 3

minimize environmental damage

Front 4

sustainability

Back 4

(most used) preserve resources so future generations can live the same
Weak= non natural
Strong= natural

Front 5

Circular Flow Model

Back 5

Very simple
Land labor and capital all owned by households
Real Flow( non-monetary) runs counter clockwise.
Money Flow runs clockwise.

Front 6

Materials Balance Market

Back 6

Includes environment
Focuses on pollution and residuals produced

Front 7

First Law of Thermodynamics

Back 7

matter and energy can neither be created or destroyed

Front 8

second law of thermodynamics

Back 8

nature's capacity to convert matter and energy in not unlimited

Front 9

natural pollutants

Back 9

natural pollution from nature

Front 10

anthpogenic pollutants

Back 10

are human induced

Front 11

Environmental Quality

Back 11

anthropogenic contamination to socially acceptable levels (vote on it)

Front 12

Sustainable Development

Back 12

management of resources to ensure long-term quality and abundance

Front 13

Biodiversity

Back 13

assuring the variety of distinct species, genetic variability, and inhabitable ecosystems

Front 14

Two decision making procedures

Back 14

Risk Assessment and Risk Management

Front 15

Economic Criteria

Back 15

Allocative efficiency= additional benefits = additional costs
Cost effectiveness

Front 16

Equity Criterion

Back 16

Environmental Justice
justice cant be proven.

Front 17

Abatement

Back 17

Eliminate the pollution

Front 18

Demand

Back 18

Value/Benefits

Front 19

Rivalry and Excludability

Back 19

private goods

Front 20

non rival and non excludable

Back 20

public goods

Front 21

Market Equilibrium

Back 21

Qmarket Demand= Qmarket Supplied

Front 22

Inverse QmktD and QmktS

Back 22

solve for y and y=p

Front 23

Total Profit

Back 23

Total Rev(PxQ) - total costs

Front 24

Profit maximization

Back 24

relative benefits = costs of producing another unit

Front 25

Technical Efficiency

Back 25

generate maximum output given some stock of resources

Front 26

Total Surplus

Back 26

Consumer Surplus + producer surplus

Front 27

Consumer Surp. and Producer Surp.

Back 27

1/2 (bh)

Front 28

early 1800s pop.

Back 28

1 billion

Front 29

US Pop.

Back 29

5% of worlds pop. but 25% of world consumption

Front 30

Green Revolution

Back 30

hybrid seeds 1950-1980s
grain increased by 2.6 and pop by 2

Front 31

agricultural output

Back 31

must grow by 70% to meet 2025 projections

Front 32

MPC

Back 32

Marginal private cost (supply)

Front 33

MPB

Back 33

Marginal private benefit (demand)

Front 34

MEC

Back 34

Marginal external cost

Front 35

MSC
(marginal social cost)

Back 35

MPC+MEC

Front 36

MSB
Marginal Social Benefit

Back 36

MPB+MEB

Front 37

Competitive firm maximizes profit

Back 37

MPB=MPC or MPB-MPC=0 or MP=0

Front 38

Efficient Firm produces where

Back 38

MSB=MSC or
MPB + MEB=MPC +MEC
MPB-MPC= MEC

Front 39

Marginal Profit

Back 39

MPB-MPC

Front 40

Competitive Solution

Back 40

set MPB=MPC

Front 41

Efficient Solution

Back 41

MSC=MSB

Front 42

Cost Effectiveness Abatement

Back 42

1) set MAC1=MAC2
2) set A1+A2= abatement standard
3)Solve simultaneously

Front 43

Bargaining

Back 43

MEC>P>Mar. Pro.

Front 44

Fish Stocks

Back 44

75% of them are in distress

Front 45

New Zealand's ITQ system

Back 45

130 Species

Front 46

U.S. ITQ system

Back 46

3-4 fish species

Front 47

Chap 4 MSC = MACmkt + MCE

Back 47

MACmkt= MAC1 +MAC2...