GEOG 3ER3 Study Guide - Final Guide: Non-Renewable Resource, Kyoto Protocol, Opportunity Cost
15 Apr 2018
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Document Summary
Outcome approach: concerned with how the economic process affects the well-being directly. Opportunity approach: considers the mean available to a society to generate the well-being or consumption. Natural capital: all things from the natural environment. Human capital: all the skills and knowledge embodied by people. Social capital: social networks that facilitate mutually beneficial collective actions. Weak: k = kn + kh + ks + kp. Free markets: maximization of present value, through efficiency. Free markets tend to lead to overuse of resources: kn falls over time, not always corrected by market value. Applies to an economy that depends on a non-renewable resource its economy will not shrink if: it reinvests proceeds in produced capital. If not reinvested future generations will suffer. A means to assess a proposed change that might threaten wildlife or habitat. Series of thresholds for important ecosystem processes. Pollution: deducts an amount equal to change in emissions for each pollutant.
