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Chapter 2

Chapter 2- Natural Capital, Linkages Between the Economy and the Environment, and Pollution

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University of Guelph
ECON 2100
Ross Mc Kitrick

Chapter 2- Natural Capital, Linkages Between the Economy and the Environment, and Pollution September 25, 2013 10:34 AM Definitions 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 Intertemporal- means over-time. 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 Residuals Intensity of Production- the quantity of residuals produced per unit of output goods and services produced in an economy Pollution Prevention- reducing residuals from production by adopting technologies and production practices that yield smaller amounts of residuals per unit of output produced Composition of Output- the mix of goods and services produced and sold in an economy. In
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