Ch 2 VOCAB/ECONOMICS - HON ENVIRO

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Supply

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

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Cost-Benefit Analysis

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A comparison of the disadvantages and advantages of a specific action.

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Non-Market Value

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A value that is not usually included in the price of goods or services.

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Environmental Justice

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An ideal whereby every person is entitled to protection from environmental hazards regardless of race, gender, age, national origin, income, social class, or any political factor.

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Environmental Literacy

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Knowledge and understanding of the concepts of environmental science.

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Demand

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The desire of consumers to purchase goods and services at given prices.

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Market Failure

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A situation in which the allocation of goods and services is not efficient.

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Subsidy

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A financial assistance granted by the government to support a specific economic sector.

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Regulation

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Rules or directives made and maintained by an authority to regulate conduct.

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Lobbying

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The act of attempting to influence decisions made by officials in the government.