Level 30
Level 31

Economics & Environmental Policy


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Demand
Demand
cost-benefit analysis
A decision-making technique that involves weighing the costs of a giving action against the benefits of that action.
ecological economics
the study of economics as a component of ecological systems
environmental economics
economic effects of the environment and how economic processes affect that environment, including its living resources
non-market values
values not usually included in the price of goods or services
market failure
A situation in which the market does not distribute resources efficiently
ecolabeling
tells consumers which brands use environmentally benign processes
policy
A plan of action adopted by an individual or social group
environmental policy
Laws, rules, and regulations related to an environmental problem that are developed, implemented, and enforced by a particular government agency.
legislative branch
Branch of Gov't charged with creation of new laws.
executive branch
Branch of government that enforces the laws
judicial branch
Branch of government that handles justice and runs the courts.
Environmental Impact Statement
A report required by federal law that assesses the possible effect of a project on the environment if the project is subsidized in whole or part by federal funds.
United Nations
A league of most of the nations of the world that help to regulate world problems and decide upon the outcome of states
European Union
A family of democratic countries committed to working together for peace and prosperity in Europe.
World Trade Organization
An international agency which encourages trade between member nations, administers global trade agreements and resolves disputes when they arise.
world bank
A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation.
Non-Governmental Organizations (NGO's)
Legally constituted organization created by natural or legal persons that operates independently from any government action.
command-and-control approach
An approach that involves the government imposing quantitative limits on the amount of pollution firms are allowed to emit or requiring firms to install specific pollution control devices.
subsidy
A government payment that supports a business or market.
green taxes
taxes on environmentally harmful activities and products
cap-and-trade
allows businesses to buy and sell the right to pollute
lobbying
An attempt by a group to influence the policy process through persuasion of government officials
supply
the amount of a product offered for sale at a given price
Level 32