ECON 2100 Chapter Notes - Chapter 2: Natural Capital
7 Dec 2013
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Document Summary
Natural capital- consists of the earth"s ecosystems, their renewable and non-renewable resources, environmental resources (atmosphere, water) and land. Ecosystem goods and services flow from natural capital. Residuals- material that has been left over after something has been produced. Natural resource economics- the study of nature in its role as a provider of raw materials, land, minerals, energy, forests, aquatic species, for production and consumption. Renewable resources- resources that can grow over time according to natural processes. Non-renewable resources- a natural resource that does not have a process of replenishment. Biological diversity- the number of different entities in biological systems. These include genetic material, plant and animal species, and entire ecosystems. An analysis that is intertemporal considers the impact of decision taken today on outcomes in the future. Assimilative capacity- the ability of the natural environment to render pollutants benign or less toxic. Environmental economics- the study of the impact of the economic system on the natural environment.
