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ECON 3220 (3)
Ali Kamar (3)
Chapter 2

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ECON 3220
Ali Kamar

Chapter 1-b Natural capital  Natural resources o Renewable o Non-renewable  Environmental economy is closed system or a circular flow relationship  Closed system: is one in which no inputs are received from outside the system and no outputs transferred outside  Summarized by thermodynamic laws o 1 energy going into the economic system from the environment (source) is roughly equal to the mass of waste going out (Waste) nd Fundamental balance o 2 amount of energy not available for work or entropy increase. Sum energy is lost in transformation Circular flow in Tradition Economics Implications  The economy environmental circular flow relationship implies that our development choices must be aligned with the limitations the environment, that is, development policies should focus on three aspects….. o Reducing outputs- of environmentally damaging goods and products o Reducing waste- minimiz
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