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EER 1000 Midterm 2 Exam Latest Update
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EER 1000 Midterm 2 Exam LatestUpdate
Economics - Answer collection of all human interactions involcing the exchange of
goods and services
environmental economics - Answer attempts to account for environment in relation to
pros and cons of economic activities
scarcity - Answer inability to satisfy all wants or needs
microeconomics - Answer small scale - individual or small business
macroeconomics - Answer large scale - national or global (multinational businesses,
governments, etc.)
goods - Answer things, ex: TV, food, medicine
services - Answer actions, ex: restaurants, medical care
experiences - Answer involved actions, ex: Celebrations, Raw Almond
a market can be: - Answer real or virtual (bitcoin)
market - Answer buyers and sellers who exchange goods and services
3 factors that underlie markets - Answer natural resources (materials), labour (skilled
and non-skilled), capital (machines, infrastructure)
intermediate goods - Answer below Brandt line (the south)
manufactured goods - Answer above Brandt line (the north)
Non-renewable resources - Answer cannot be replaced
renewable resource - Answer can be replaced
challenge (discounting) - Answer what a resource is worth today vs. the future. when to
extract or use
present value - Answer what something is worth today is the same in the future
discounting - Answer calculate the present value of some future amount with interest;
most goods become cheaper over time
most resources become more/less cheap over time - Answer more
,market failure - Answer failure to capture real cost
coal and pollution - Answer est. $3.5 trillion, plus lost hours of work due to illness and
health care costs
externalities - Answer actions not accounted for in goods and services (ex: effects of
pollution in coal production + burning)
most common externality - Answer pollution
common pool resources - Answer natural or manmade resources that are overused by
one person; preventing others from using it is difficult and costly
Tragedy of the Commons - Answer issues with individual profit (focused only on big
gains); no benefit for preservation (ex. of market failure). in other words: abuse of
resources (by individuals) that are common to society
what can be done to manage common pool resources - Answer govt regulations, taxes,
agreements
problems with carbon tax - Answer supposed to reduce emissions but actually pays to
divert them to other companies. if nothing is being done to get rid of carbon. ex. of
greenwashing
greenwashing - Answer A practice in which companies promote their products as
environmentally friendly when in truth the brand provides little ecological benefit.
4 ways we value the environment - Answer direct (ex: logging), indirect (ex: mangroves),
option (future potential benefit, ex: plants as medicine), existence (cultural, spiritual, or
otherwise)
what is meant by the cost-benefits of reducing pollution? - Answer economic savings
and healthier people
EPA - Answer Environmental Protection Agency; deals with challenges for the future
(ex: coal)
Effects of economic growth - Answer needed for education, improved sanitation, access
to health care and medicine - improves human welfare. long-term implications such as
pollution.
GDP - Answer Gross Domestic Product: the total value of goods produced and services
provided in a country over a specific time period
world GDP - Answer $75 trillion
GPI - Answer Genuine Progress Indicator
GNH - Answer Gross National Happiness
, BLI - Answer better life index
HDI - Answer Human Development Index, measure of quality of life using factors like life
expectancy, literacy, access to clean water, income, etc.
values - Answer core beliefs that you use to make decisions
Ethics - Answer rules of behavior based on ideas about what is morally good and bad
instrumental value - Answer direct value in relation to usefulness to humans
intrinsic value - Answer value is independent of usefulness to humans (all humans have
intrinsic value)
intergenerational equity - Answer balancing the needs of the young and the old
Anthropocentrism - Answer only humans have value
Biocentrism - Answer only humans and other living things have value (plants and
animals)
Ecocentrism - Answer all life and ecological systems have value
consequential ethics - Answer does the end justify the mean?
utilitarian ethics - Answer does the end benefit the most people?
de-ontological ethics - Answer are my actions within rules/laws or duties?
virtue ethics - Answer are my actions consistent with my values?
people before agriculture-based settlements - Answer nomadic, self-regulating pop
based on carrying capacities, closely connected to nature - consider self part of it
Nature vs. Civilization - Answer nature is out there, we are here. idea of pristine places
where no people have been before...but that's basically impossible
concept of parks - Answer idea of nature vs non-nature; "america's best idea"
Aldo Leopold and the idea of Land Ethic - Answer "a thing is right when it tends to
preserve the integrity, stability, and beauty of the biotic community. it is wrong when it
tends otherwise." "when we see land as a community to which we belong, we may begin
to use it with love and respect it."
nature = preservation and conservation -example - Answer fire suppression: Smokey the
Bear was used to remind people not to start outdoor fires, but ended up causing more
intense forest fires because there was a lack of fires to burn undergrowth
why do we value some animals over others? - Answer socio-cultural reasons (ex:
religion), economic reasons, human constructs (ex: can only eat "farm" animals)
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