REM 321 - Ecological Economics exam 2024/2025 with 100% correct answers
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Course
REM 321 - Ecological Economics
Institution
REM 321 - Ecological Economics
Economics understanding the processes that govern production, distribution and consumption of goods and services in an open market
Consumption use of goods and
services to satisfy needs and wants
Production process by which inputs are transformed into goods and services for consumption or in...
Economics understanding the processes that govern production, distribution and consumption of goods
and services in an open market
Consumption use of goods and
services to satisfy needs and wants
Production process by which inputs are transformed into goods and services for consumption or
investment in durable, human, intellectual or social capital
Environmental economics a field of economics which applies mainstream economic principles to
environmental and natural resource issues
Natural resource economics Natural resources as inputs to production, depletion and optimal use of
renewable resources
ecological economics a field which brings together viewpoints from different academic disciplines and
views the economic system as a subset of the broader ecosystem and subject to biophysical laws
Externaility an effect of a market transaction that impacts the utility, positively or negatively, of those
outside the transaction
market failure a situation in which a market left on its own fails to allocate resources efficiently
common property resource a nonexcludable resource that is available to everyone, but the use of the
resource may diminish the quantity or quality available to others, rivalrous good
public goods Goods that are available to all, nonexcludable, and whose use by one person does not
reduce their availability to others, nonrival
, natural resources the endowment of land and resources including air, water, soil, forests, fisheries,
minerals, and ecological life support systems
renewable resource A natural resource that can be replaced at the same rate at which the resource is
consumed
nonrenewable resource resources that do not regenerate through ecological processes on a human time
scale
sustainable development Development that meets the needs of the present without compromising the
ability of future generations to meet their own needs.
anthropocentric worldview a perspective that places humans at the center of analysis
ecocentric worldview a perspective that places the natural world at the center of analysis
economic value the value of something derived from people's willingness to pay for it
inherent value the value of something separate from economic value, based on ethics, rights, and justice
natural capital The natural resources of Earth, such as air, water, and minerals.
strong sustainability the view that natural and human-made capital are generally not substitutable and,
therefore, natural capital levels should be maintained
weak sustainability the view that natural capital depletion is justified as long as it is compensated for
with increases in human-made capital; assumes that human-made capital can substitute for most types
of natural capital
first law of thermodynamics states that matter and energy can be neither created nor destroyed, known
as the conservation law
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