Environmental Science - Section 2.1, 2.2, 2.3

Section 2.1

Page 36 - 41

Centrally Planned Economy

The government decides what is made, how it
is made, and who gets what

Cost-Benefit Analysis

A process businesses use to analyze decisions

Demand

The amount of a product people will
buy at a given price

Eco-labeling

The practice of marking products with a label to show their manufacture meets recognized environmental standards

Ecological Economics

It applies the principals of Earths's systems?

Economics

Economics is studies of how people interact with things of value; the production, distribution, and consumption of goods and services

Environmental Economics

Says economies can become sustain-able if environmental challenges are addressed

Free Market Economy

Individuals decide what is made, how it is made,
and how much is made.

Market Failure

The result when a market does not reflect the full costs and benefits of actions

Mixed Economy

Both government and individuals play roles in
economic decision making

Non-Market Values

A value not usually included in the price of a good or service

Supply

The amount of a product offered for sale at a given price

Section 2.2

Page 42- 47

EIS (Environmental Impact System)

requires government agencies to evaluate the impact of a project, such as a new dam, highway, or building,

Environmental Policy

General plans that address the interactions between humans and the environment.

Policy

Formal set of general plans and principles for addressing problems and guiding decision making.

Section 2.3

Pages 50 - 54

Cap and Trade

In this system a government determines
the overall amount of pollution it will accept for a specific permit

Command and Control Approach

a government body sets rules and threatens punishment for violations.

Green Taxes

Taxes imposed on companies that produce products that are harmful to the environment

Lobbying

Involves efforts to influence an elected official into
supporting a specific interest.

Subsidy

Subsidy is a giveaway of cash or resources that is intended to encourage a particular activity or lower the price of a product.