Chapter 2 Vocab

Way of implementing policy in which a government body sets rules and threatens punishment for violations.

• Cost-Benefit Analysis

• Demand

• Supply

• Economics

• Command-and-control

Efforts to influence an elected official to support specific interest.

• Cost-Benefit Analysis

• Demand

• Supply

• Economics

• Lobbying

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

• Demand

• Supply

• Cost-Benefit Analysis

• Economics

• Policy

Report that evaluates the impact of the new construction on the environment.

• Demand

• Environmental Impact Statement

• Supply

• Economics

• Cost-Benefit Analysis

Amount of product offered for sale at a given price.

• Cost-Benefit Analysis

• Economics

• Demand

• Supply

• Ecological economics

Labeling products to identify brands that do not harm the environment.

• Demand

• Ecolabeling

• Economics

• Supply

• Cost-Benefit Analysis

Study of how resources are converted into goods and services and how they are distributed and used.

• Cost-Benefit Analysis

• Economics

• Ecological economics

• Supply

• Demand

Value that is not usually included in the price of a good/service.

• Non-market value

• Economics

• Supply

• Demand

• Cost-Benefit Analysis

Field of economics that applies principles of Earth’s systems to economics.

• Cost-Benefit Analysis

• Ecological economics

• Economics

• Supply

• Demand

Method used to compare what will be sacrificed & gained by a specific action.

• Cost-Benefit Analysis

• Economics

• Supply

• Ecological economics

• Demand