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Resource Economics
N/A
42
Environmental Studies
Undergraduate 3
09/30/2008

Additional Environmental Studies Flashcards

 


 

Cards

Term

 

 

 

 

 Economics

Definition
"Study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various people and groups in society. It analyzes the costs and benefits of improving patterns of resource allocation.
Term

 

 

 

 

Ecology 

Definition

 

 

Study of the interactions of living organisms with one another and with their nonliving environment of matter and energy; study of the structure and functions of nature. 

Term

 

 

 

 

Environmental Resource

Definition

 

Something that is useful and valuable in the condition in which we find it.

 

(Ex.-land, water, sunlight, temperature, air) 

Term

 

 

 

1)Things that are unknown, or for which no uses have been found are not technically considered resources since have no econ. value.

 

2) Is supply of some useful thing is so large, relative to demand, that it has no economic value, it is not a resource. 

Definition

 

 

 

 

What is not a resource? 

 

(2 things) 

Term

 

 

 

 

 

Amenity Migration 

Definition

 

 

What is it called when someone moves to a place because of desirable living conditions? 

Term

 

 

 

First Law of Thermodynamics 

Definition

 

Energy is neither created nor destroyed by any physical or chemical process; it is merely transformed from one form of energy to another 

Term

 

 

 

Second Law of Thermodynamics 

Definition

 

 

 

Any system plus its surroundings tends spontaneously toward increasing entropy

Term

 

 

 

 

Open System 

Definition

 

 

 

Both matter and energy are exchanged between the system and its surroundings.

Term

 

 

 

 

Closed System 

Definition

 

 

Energy, but not matter is exchanged between the system and its surroundings. 

Term

 

 

 

 

Ecosphere 

Definition

 

 

Life occurs in only a portion of the atmosphere, hydrosphere, and lithosphere, this system, called the ____________ makes up the life-support system for our planet. 

Term

 

 

 

 

False 

Definition

 

 True or False

 

 

The heat energy which leaves Earth environment has lower entropy than the solar enery that comes in. 

Term

 

 

 

Organism 

Definition

 

 

What is an individual living being known as? 

Term

 

 

 

Population 

Definition

 

What is a group of individual organisms of the same kind known as? 

Term

 

 

 

 

Natural Community 

Definition

 

 

A group of plant and animal populations occupying and functioning in a given area. 

Term

 

 

 

Ecosystem 

Definition

 

 

 

Natural communities combined with non-living components of the environment

Term

 

 

 

 

1. Energy

2. Chemicals

3. Physical factors 

Definition

 

 

 

What non-living (abiotic) components make up an ecosystem?

Term

 

 

1. Producers (autotrophs)

2. Macroconsumers (heterotrophs)

3. Microconsumers (saprotrophs, decomposers) 

Definition

 

 

What are the living (biotic) components of an ecosystem? 

Term

 

 

 

Climate and Soil 

Definition

 

 

What are the two major limiting factors of an ecosystem? 

Term

 

 

1. One way flow of energy

 

2. Chemical cycling 

Definition

 

 

What are the two basic processes in any ecosystem? 

Term

 

 

 

Natural Development 

Definition

 

 

______________ refers to natural changes in the quantity and/or quality of biotic and abiotic components of ecosystems. 

Term

 

 

Flow Resource 

Definition

 

 

Resource which for a given time period exists as a continuous stream with given quantity and quality dimensions (examples-sunlight, wind,tides,rainfall). 

Term

 

 

 

 

Fund Resource 

Definition

 

 

Resource which for a given time period exists as a fixed stock with given quantity and quality dimensions (examples-coal deposits,mineral deposits,forests,fish and wildlife pops.) 

Term

 

 

 

 

Exhaustible, nonrenewable 

Definition

 

 

Fossil Fuels , minerals, and soil are examples of this type of fund resource. 

Term

 

 

 

 

Nonstorable 

Definition

 

 

 

Wind is an example of a ____________ flow resource. 

Term

 

 

False

(they are exhaustible,renewable fund resources) 

Definition

 

 

 

 

Forests, fish and wildlife populations are exhaustible, renewable flow resources. 

Term

 

 

 

Malthusian doctrine 

Definition

1. resources can support in production of food only at an arithmetic rate (2,4,6,8).

 

2. population grows geometrically (2,4,8,16)

 

3. 1 & 2 catastrophe- population growth will be kept in check by limited food supplies (resource availability) at subsistence levels of living-have famine, disease, strife

 

Fundamental points of which doctrine? 

Term

 

 

 1) increase in capital, technology, and productivity, allowed for more production of food

 

2) resource discovery

 

3) resource substitution

 

4) demographic transition 

Definition

 

 

 

 

 

What are the four things Malthus failed to consider?  

Term

 

 

 

Neoclassical/human capital perspective 

Definition

 

 

Which scarcity philosophy emphasized the importance of capital in the production process, and said that capital investment can be substituted for limited resources and production can be increased or maintained? 

Term

 

 

 

 

False

(the Materials Balance Approach says this) 

Definition

 

 

True or False 

The Malthusian doctrine stated that we must maintain a healthy environment, conserve and manage resources carefully, in order to ensure continued economic health and high quality of life. 

Term

 

 

 

 1) physical supply

2) economic supply

3) cost

4) price

5) rent 

Definition

 

 

What are the 5 available options for measuring resource scarcity? 

Term

 

 

 

 

Physical Supply 

Definition

 

 

 

 

 

Which measure of scarcity may be too optimistic since some supplies may never be economical to use? 

Term

 

 

 

 

Economic Supply 

Definition

 

  

This measure of scarcity refers to reserves (as opposed to resources) and may be too pessimistic because of uncertain changes in price, technology, information, etc.

Term

 

 

 

 

 

True 

Definition

 

 

True or False

 

As scarcity increases, price increases. 

Term

 1) Speculation based on false information

 

2) may be distorted by inflation

 

3) government intervention into markets

 

4) manipulation of prices through imperfect comp.

 

5) political uncertainty

 

6) measurement error 

Definition

 

 

 

 

Give two reasons why price may be a misleading indicator of scarcity. 

Term

 

 

 

 

Increases 

Definition

 

 

 

As scarcity increases, cost _____________. 

Term

 

 

1) Technology

 

2) Government Intervention

 

3) Measurement Error 

Definition

 

 

 

Give three reasons why cost may be a misleading indicator of scarcity. 

Term

 

 

 

 

David Ricardo 

Definition

 

 

 

Who introduced the concept of land rent? 

Term

 

 

 

 

 

LR= TR-TVC 

Definition

 

 

 

What is the equation used to find land rent? 

Term

 

 

 

 

False

(increase in LR, means it would be becoming more scarce)

Definition

 

 

True or False

 

An increase in Land Rent on high quality land implies that high quality land is becoming less scarce. 

Term

 

  

 

Royalty= Price - Extraction Cost 

Definition

 

 

 

 

What equation is used to find the value of a mineral resource in the ground (aka-royalty)? 

Term

 

 

 

 

Von Thunen Model 

Definition

 

 

 

 

What model attempts to explain location decisions and patterns based on differences in land rents? 

Term

1) increases in output price

 

2) decreases in costs of production

 

3) improved supply information

 

4) technological innovations

 

5) improvements in accessibility

 

6) government subsidies 

Definition

 

 

 

 

What are some things that might cause the economic supply of a resource to increase? 

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