ENV 1301 Lecture Notes - Lecture 6: Market Failure, Greenwashing, Invisible Hand
7 Apr 2016
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Document Summary
People say protection threatens economic growth: but environmental protection is good for the economy. Economics: studies how people use resources to provide goods and services in the face of demand. Ecology and economics come from oikos (household) Economy: a socials system that converts resources into. Goods: manufactured materials that are bought, and. Services: work done for others as a form of business. People get their daily needs directly from nature to their own production: they do not purchase or trade products. Capitalist market economy: buyers and sellers interact to determine prices and production of goods and services. Centrally planned economy: the government determines how to allocate resources. Mixed economy: governments intervene in the market. Economies receive inputs (resources: process them, discharge outputs (waste) Traditional economics ignores the environment: but still drives most policy decisions. Economics is totally housed within the natural environment. Economic activity uses natural resources (sun"s energy, water, trees, rocks, fossil fuels) as goods .
