10.3 Environmental Accounting & Valuation (DP IB Environmental Systems & Societies (ESS): HL): Flashcards

A non-use value is the inherent worth of a resource or good beyond its direct use.

Intrinsic value is the inherent worth of a species or ecosystem, regardless of its utility to humans.

The economic value of a resource is often based on its use or consumption by society.

Option value is the value of preserving an environmental resource or ecosystem for potential future use or enjoyment.

Bequest value is the value of preserving a resource or ecosystem for the benefit of future generations.

True.

Surveys are often used to estimate non-use value by assessing willingness to pay for conservation or restoration efforts.

After the Exxon Valdez oil disaster, researchers collected information by surveying people how much they would pay to prevent future spills.

Environmental accounting is the process of assigning economic value to natural resources, tracking their depletion over time, and quantifying the environmental costs and benefits of economic activities.

Environmental accounts combine economic and environmental data to measure the impact of economic activities.

One challenge of environmental accounting is reaching consensus on the economic value of natural resources due to differing stakeholder perspectives.