Enviro Chapter 2 Vocabulary

Front

The study of how resources are converted into products and services and how those products and services are distributed and used.

Back

Economics

Front

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

Back

Supply

Front

The amount of a product or service people will buy at a given price if free to do so.

Back

Demand

Front

A method in which decision-makers compare what will be sacrificed and gained by taking a specific action.

Back

Cost-benefit analysis

Front

The field of economics that recognizes the relationships between ecosystems and economic systems.

Back

Environmental economics

Front

The field of economics that links environmental and economic costs.

Back

Ecological economics

Front

The value that is not included in the price of a product or service.

Back

External cost

Front

A situation in which a free economy, operating on its own, does not distribute resources fairly.

Back

Market failure

Front

A labeling system that tells consumers which brands are made with processes that do not harm the environment.

Back

Ecolabeling

Front

A formal set of general plans and principles that guides problem solving and decision making in specific instances.

Back

Policy