Chapter 2 Vocabulary

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

• Economics

• Environmental Science

• Market value

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

• Economics

• Supply

• Demand

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

• Demand

• Supply

• Economics

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

• Cost-benefit analysis

• compare and contrast

• ven diagram

Tags

NGSS.HS-ESS3-2

NGSS.HS-ETS1-3

Good produced by nature such as purifying air and water.

• Ecosystem services

• Natural goods

• Ecolabeling

Factors that involve parties other than the buyer or seller.

• Internal costs

• External costs

• Non market values

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

• Market failure

• Ecolabeling

• External costs

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

• External costs

• non market value

• market failure

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

• Ecosystem services

• Ecolabeling

• Marketing

A general plan and principle related to the interactions between humans and the environment.

• Environmental policy

• Environmental Plan

• Environmental Act