Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
69 Cards in this Set
- Front
- Back
- 3rd side (hint)
Sustainability
|
A strategy by which communities seek economic development approaches that also benefit the local environment and quality of life.
|
|
|
Carrying capacity
|
The maximum number of individuals an environment can support without degradation.
|
|
|
GDP
|
A country’s Gross Domestic Product (GDP) is a measure of the total flow of goods and services produced over a specified time period
|
|
|
GNP
|
the nominal value of all goods and services produced by the residents of an economy in a given year, regardless of their location.
|
|
|
Direct Cost
|
Those costs borne by the producer and passed directly on to the user or purchaser. Example: cost of materials
|
Example: cost of materials
|
|
Indirect Cost
|
Manufacturing cost that cannot be easily seen in the product. Example: cost of electricity
|
Example: cost of electricity
|
|
Externality
|
A Consequence of an economic activity that is experienced by unrelated third parties. An externality can be either positive or negative. Example: deforestation
|
Example: deforestation
|
|
Full cost pricing
|
An attempt to include all types of costs (including externalities) in the pricing of an item
|
|
|
Moral Justification
|
The belief where various aspects of the environment have a right to exist and that it is our obligation to allow them to continue or help them persist.
|
*A way to present an argument about the preservation of the environment
|
|
Utilitarian Justification
|
Seeing an aspect of the environment as valuable because it benefits inviduals economically or is necessary to human survival.
|
*A way to present an argument about the preservation of the environment and its resources.
|
|
Ecological justification
|
Where an ecosystem is necessary for the survival of some species of interest, or that the system provides beneficial needs.
|
*A way to present an argument about the preservation of the environment's resources.
|
|
Marginal Cost
|
The cost to reduce one additional unit of a type of degradation in environmental economics. For example, pollution.
|
|
|
Scientific theory
|
A grand scheme that relates and explains many observations and is supported by a great deal of evidence, in contrast to a guess, a hyposthesis, a prediction, a notion, or a belief
|
|
|
Fact
|
Something that is known based on actual experience and observation
|
|
|
Pseudoscience
|
Ideas that are claimed to have scientific validity, but are inherently untestable and/or lack empirical support and/or were arrived at through faulty reassinging of poor scientific methodology
|
|
|
Aesthetic justification
|
The argument for the conservation of nature on the grounds that nature is beautiful and that beauty is important and valuable to people
|
|
|
Natural Resources
|
resources provided by nature that can be divided into increasingly smaller units
ex) oil |
|
|
environmental resources
|
resources provided by nature that are indivisible
ex) air |
|
|
renewable resource
|
a resource that is naturally recycled or recycled by artificial processes within a time framework useful for people
ex) wood, water, air |
|
|
nonrenewable resource
|
a resource that is cycled so slowly by natural Earth processes that once used, it is essentially not going o be made available within a useful time framework
ex) oil |
|
|
Per Capita
|
The economic demand per person
|
|
|
Dependent Variable
|
this variable changes due to the independent variable changing. this is the outcome of the other changing variables.
|
|
|
independent variable
|
this is the variable that is changed throughout the experiment. it is usually the only one that is not kept constant throughout the experiment.this variable changes the dependent variable due to itself changing.
|
|
|
observations
|
an object or idea that one observes using all five senses.
|
|
|
economics
|
study of the allocation of scarce resources
|
|
|
environmental economics
|
application of principles of economics to how environmental and natural resources are developed and managed
|
|
|
commons
|
land or other resources owned publicly with public access for private uses
|
|
|
mitigation cost
|
what it would cost to protect, move, or restore a natural resource
|
|
|
discount rate
|
An interest rate used to convert future payments or receipts into present value. The discount rate may or may not be the same as the internal rate of return (IRR) or yield rate depending on how it is extracted from the market and used in the analysis.
|
|
|
Equilibrium price
|
the price at which the quantity of a product offered is equal to the quantity of the product in demand.
|
|
|
Supply and demand
|
The economic theory of market value where price is determined by the interaction of sellers and buyers to reach an equilibrium price which both are willing to accept.
|
|
|
model
|
A model in macroeconomics is a logical, mathematical, and/or computational framework designed to describe the operation of a national or regional economy, and especially the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
|
|
|
Developed Nations
|
Nations with developed economies (high income per capita and high Human Development Index, which is an index combining normalized measures of life expectancy, literacy, educational attainment, and GDP per capita). Ex. US, Canada, Japan, Australia, New Zealand, and many nations in Europe
|
|
|
Moderately Developed Nations
|
Nations with moderately developed economies and mid-range Human Development Indexes, which are indexes combining normalized measures of life expectancy, literacy, educational attainment, and GDP per capita. Ex. Argentina, Brazil, China, Egypt, India, Indonesia, Mexico, Poland, Russia, South Africa, South Korea and Turkey
|
|
|
Developing Nations
|
Nations with undeveloped industrial bases and low inconsistent Human Development Indexes, which are indexes combining normalized measures of life expectancy, literacy, educational attainment, and GDP per capita. Countries like Afghanistan, Colombia, and Nigeria are all examples of developing nations.
|
|
|
hypothesis
|
a supposition or proposed explanation made on the basis of limited evidence as a starting point for further investigation
|
|
|
controlled experiment
|
designed to test the effects of independent variables on a dependent variable by changing only one independent variable at a time. For each variable tested, there are two setups : an experimental and a control that are identical except for the independent variable being tested. Therefore, the differences in the outcome is attributed to the independent variable
|
|
|
Inductive reasoning
|
Drawing a general conclusion from a limited set of specific observations.
|
|
|
Scientific Method
|
A set of systematic methods by which scientists investigate natural phenomena, including gathering data, formulating and testing hypotheses, and developing scientific theories and laws.
|
|
|
Experimental Error
|
There are two kinds of experimental errors: random and systematic. Random errors are those due to chance events. However, a systematic error is something like a miscalibration of an instrument. Human errors can be either random or systematic.
|
|
|
Observation
|
An act or instance of viewing or noting a fact or occurrence for some scientific or other special purpose
|
|
|
Precision
|
Mechanical or scientific exactness, OR, the degree to which the correctness of a quantity is expressed.
|
|
|
Accuracy
|
The extent to which a given measurement agrees with the standard value for that measurement.
|
|
|
Control Group
|
In a test or trial, a group that does not receive the new treatment being studied and which is compared to the group that does receive the new treatment
|
|
|
Capitalist economy
|
economic system where production is controlled by private person and pricing is controlled by free market
|
|
|
Cultural Justification
|
justification for preserving a certain species or ecosystem based on cultural beliefs
|
|
|
Tragedy of the Commons
|
an article written by Garrett Hardin, describes the destruction of the environment through the combined actions of multiple independent individuals
|
|
|
Garrett Hardin
|
the author of the Tragedy of the Commons
|
|
|
Easter Island
|
An island in the South Pacific with one of the most extreme cases of forest destruction in the world. The native islanders, who relied very heavily on the trees, cut down the trees faster than they could reproduce. Without wood to make canoes for the islanders to hunt porpoises (one of their main food sources) and fish, many islanders died. Their population went from 15,000 to 2,000 in an estimated 100-200 years.
|
|
|
Scientific Model
|
Scientific modelling is the process of generating abstract, conceptual, graphical and or mathematical models to assist in the comprehension and illustration of a scientific theory, law, or idea.
|
|
|
Experimental group
|
The part of the experiment that is being acted upon by an indepentent variable.
|
|
|
Control
|
The part of the experiment that is not acted upon by an independant variable is known as the control. It is used to compare with the experimental group, so conclusions can be drawn and the actual effects of the independant variable determined.
|
|
|
Cultural justification
|
A justification that follows the local culture and how something is done in that one place.
|
|
|
Natural capital
|
The money earned from manufactured goods that concern natural and environmental goods.
|
|
|
Pure free-market economy
|
An economic system that has a direct relation between buyers and sellers, without any influence by the government or a third party.
|
|
|
Precautionary principle
|
The principle to act before, to prevent, a harm to the environment, even without scientific proof of a known harm.
|
|
|
qualitative data
|
Data that describes the quality of something. Data that basically describes things with words instead of numbers.
|
|
|
Ecological Justification
|
that an ecosystem is necessary for the survival of some species of interest to us, or that the system itself provides some benefit
|
|
|
Aesthetic Justification
|
a type of justification that is based on the idea that nature is beautiful--therefore, we want to keep nature healthy to continue looking that way
|
|
|
Natural Resource
|
something that is taken from nature, but can be divided into continually smaller and smaller units
|
|
|
Supply and Demand Model
|
a model that demonstrates the ways in which supply and demand determine the price of products
|
|
|
indirect cost
|
an effect not normally accounted for in the cost-revenue analysis of producers and often not recognized by them as part of their costs and benefits
|
|
|
moral justification
|
the belief that various aspects of the environment have a right to exist and that it is our obligation to allow them to continue or help them persist
|
|
|
carrying capacity
|
the maximum number of individuals of a species that can be sustained by an environment without decreasing the capacity of the environment to sustain that same amount in the future.
|
|
|
utilitarian justification
|
some aspect of the environment is valuable because it benefits individuals economically or is directly necessary to human survival
|
|
|
Natural resources
|
Natural resources are naturally occurring substances that are considered valuable in their relatively unmodified (natural) form.
|
|
|
Precision
|
the state or quality of being precise.
|
|
|
Renewable resources
|
A natural resource qualifies as a renewable resource if it is replenished by natural processes at a rate comparable or faster than its rate of consumption by humans or other users.
|
|
|
Pseudoscience
|
any of various methods, theories, or systems, as astrology, psychokinesis, or clairvoyance, considered as having no scientific basis.
|
|