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10 Cards in this Set
- Front
- Back
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ENVIRONMENTAL SUSTAINABILITY |
Protection and enhancing the natural environment done through ecological sustainable development. |
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Ecologically sustainable development |
Conserving and enhancing community's resources so ecological processes and quality of life maintained and improved for future generations. If ESD is achieved, economy is able to prevent market failure. - intergenerational equity - Integrate economic and environment goals - take into global effects of enviro issues Aus National Strategy on Ecologically Sustainable development |
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Environmental economics |
Emphasises that unless hidden costs of eco growth are taken into account, fast growth may lead to rapid depletion of resources, pollution, decrease life quality. |
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Market failure |
Occurs when price mechanism takes account private benefits and costs of production but fails to account for indirect costs (externalities) e.g. enviro damage |
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Negative externality |
Adverse spill-over effects on environment from eco activity - these goods produced are called demerit goods |
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Positive exeternality |
Beneficial spill-over effects from eco activity - goods made called merit goods |
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Public goods |
- Non- excludable: once public good provided, producer cannot prevent consumers from enjoying benefits - Non-rival: consumption of the good from one consumer doesnt reduce the quantity of the good available for other consumers - Not all provided by gov. - Create opportunity for free rider behaviour |
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Public sector good |
Government provided it - Not all public sector goods are public goods e.g. Train |
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Environmental issues |
1. Preservation of natural environment 2. Pollution 3. Climate change 4. Depletion of renewable and non renewable resources |
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Gov policies |
- Ban on production - Reduce consumption by imposing tax on production or use e.g. Carbon Tax - Clean Energy Finance Corporations - Emissions Trading Scheme - Government Water for the Future - Take long to see impacts --> gov put off dealing it trading for short term objectives - Kyoto Protocol reduce emissions 5% by 2020 |
