10.1 Introduction to Environmental Economics (DP IB Environmental Systems & Societies (ESS): HL): Flashcards
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Define economics.
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Define economics.
Economics is the study of how people make choices about what to produce, how to distribute goods and services, and how to use them.
Economics examines how individuals and societies allocate natural resources to satisfy their wants and needs.
Economics examines how individuals and societies allocate scarce natural resources to satisfy their wants and needs.
What is the economic problem?
The economic problem refers to how societies allocate scarce resources to satisfy unlimited wants and needs.
Define market.
A market is any location or platform where buyers and sellers come together to exchange goods and services.
What determines the equilibrium price of a good or service in a market?
The equilibrium price is determined by the interaction of supply and demand in a market.
Supply refers to the quantity of a good or service that are willing and able to offer for sale at different prices.
Supply refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices.
Demand refers to the quantity of a good or service that are willing and able to buy at different prices.
Demand refers to the quantity of a good or service that consumers are willing and able to buy at different prices.
What is environmental economics?
Environmental economics is a branch of economics that applies economic principles to environmental issues and the management of natural resources.
Technocentrics believe that and technology can solve environmental problems within the existing economic framework.
Technocentrics believe that advancements in science and technology can solve environmental problems within the existing economic framework.
Define ecocentrics.
Ecocentrics are people who support a holistic approach that prioritises fundamental changes in human behaviour towards sustainable living and do not believe environmental problems can be solved within the existing economic framework.
True or False?
Environmental economics only focuses on promoting economic growth.
False.
Environmental economics prioritises environmental protection and social well-being over economic growth.
Policies that prioritise and social well-being over economic growth are supported by environmental economics.
Policies that prioritise environmental protection and social well-being over economic growth are supported by environmental economics.
Give an example of a policy supported by technocentrics to address environmental challenges.
Government subsidies for electric vehicles and renewable energy projects are policies supported by technocentrics to incentivise technological innovation.
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