Assignment 5 flashcards
Economics - studies how people use resources to provide goods and services in the face of demand
Goods: - manufactured materials that are bought
Services: - work done for others as a form of business
A new sewage treatment facility reached capacity in.. - 3 years
...
Assignment 5 flashcards
Economics - studies how people use resources to provide goods and services in the face of demand
Goods: - manufactured materials that are bought
Services: - work done for others as a form of business
A new sewage treatment facility reached capacity in.. - 3 years
Economy: a social system that converts resources into: - Good & services
Subsistence economy: - people get their daily needs directly from nature or their own production
(They do not purchase or trade products)
Centrally planned economy: - the government determines how to allocate resources
Mixed economy: - governments intervene in the market
Capitalist market economy: - buyers and sellers interact to determine prices and production of goods
and services
In mixed market economies, governments intervene to: - *Eliminate unfair advantages held by single
buyers or sellers
*Provide social services (national defense, medical care, education)
*Provide safety nets for elderly, disaster victims, etc.
*Manage the commons
*Reduce pollution and other threats to health and quality of life
, Ecosystem services: essential services support the life that makes economic activities possible; such as, -
Soil formation, Pollination, Water purification, Nutrient cycling, Climate regulation, and Waste recycling
Capitalist market systems operate according to neoclassical economics - Enormous material wealth has
been created
Adam Smith: - believed that self-interested behavior could benefit society (If laws were followed and
markets were competitive)
Classical economics: - when people pursue economic self-interest in a competitive marketplace... The
market is guided by an "invisible hand" and... Society benefits
(Uses principles of ecology and systems science, Natural systems are models for sustainability, Calls for
revolution)
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