Natural Capital
is the land, air, water, living organisms and all formations of the Earth's biosphere that provide us with ecosystem goods and services imperative for survival and well-being. Furthermore, it is the basis for all human economic activity.
Human capital
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Manufactured capital
refers to material goods and infrastructure owned, leased or controlled by an organisation that contribute to production or service provision, but do not become embodied in its output. Examples include: tools, technology, machines, buildings and all forms
Free Market
an economic system in which prices are determined by unrestricted competition between privately owned businesses.
Supply/Demand
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Economic Growth
an increase in the amount of goods and services produced per head of the population over a period of time.
Economic Development
is the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area.
Open Access Resources
A good or service over which no property rights are recognized
Marginal Cost
the cost added by producing one extra item of a product
Cost Benefit analysis
the evaluation of a business decision based on the financial choices between two or more options. Involves the comparison of initial or capital costs and operating costs
Market Price
the price of a commodity when sold in a given market.
Non-Market Values
Most environmental goods and services, such as clean air and water, and healthy fish and wildlife populations, are not traded in markets.
Direct Price
refer to materials, labor and expenses related to the production of a product. Other costs, such as depreciation or administrative expenses, are more difficult to assign to a specific product, and therefore are considered indirect costs.
Indirect Cost
costs that are not directly accountable to a cost object
Direct Cost
costs that are directly accountable to a cost object
External Cost (Externalities)
a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination of surrounding crops by bees kept for honey.
Internal Cost
are costs that a business bases the price of a good or service on
Hidden Costs
occur when the full cost of ownership is not included in the purchase price, because of additional expenses, opportunity costs, unseen problems or unintended consequences
Full Cost Pricing
is a practice where the price of a product is calculated by a firm on the basis of its direct costs per unit of output plus a markup to cover overhead costs and profits.
GDP
The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the ec
GNP
Gross national product (GNP) is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
GPI (Genuine Progress Indicator)
Genuine progress indicator, or GPI, is a metric that has been suggested to replace, or supplement, gross domestic product (GDP) as a measure of economic growth. GPI is designed to take fuller account of the health of a nation's economy by incorporating en
Product Eco-labeling / Certification
the practice of marking products with a distinctive label to show that their manufacture conforms to recognized environmental standards.
Subsidies
a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
Green Taxes
are excise taxes on environmental pollutants or on goods whose use produces such pollutants.
Triple Bottom Line
is an accounting framework with three parts: social, environmental (or ecological) and financial. These three divisions are also called the three Ps: people, planet, and profit, or the "three pillars of sustainability".
Green-Washing
disinformation disseminated by an organization so as to present an environmentally responsible public image.
Cap and Trade (Tradable Pollution)
is a market-based approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants.
Principles of Sustainability
The concept of sustainability is based on the premise that people and their communities are made up of social, economic, and environmental systems that are in constant interaction and that must be kept in harmony or balance if the community is to continue
High Throughput economy
Economic system in most advanced industrialized countries, in which ever-increasing economic growth is sustained by maximizing the rate at which matter and energy resources are used, with little emphasis on pollution prevention, recycling, reuse, reductio
Sustainable Growth/Development
economic development that is conducted without depletion of natural resources.