Topics 2.2 and 2.4 APES

tragedy of the commons

the tendency of a shared, limited resource to become depleted because people act from self-interest for short-term gain

externality

the cost or benefit of a good or service

maximum sustainable yield (MSY)

the maximum amount of a renewable resource that can be harvested without compromising the future availability of the resource

resource conservation ethic

the belief that people should maximize use of resources, based on the greatest good for everyone

multiple-use lands

a US classification used to designate lands that may be used for recreation, grazing, timber harvesting, and mineral extraction

threatened species

species that have high risk of extinction in the future

near-threatened species

species that are very likely to become threatened in the future

least concern species

species that are widespread and abundant

intrinsic value

value independently of any benefit to humans

instrumental value

worth as an instrument or a tool that can be used

provision

a good that humans can use directly

5 categories to calculate instrumental value:

provisions, regulating services, support systems, resilience, and cultural services

well-being

the status of being healthy, happy, and prosperous

economics

the study of how humans allocate scarce resources in the production, distribution, and consumption of goods and services

Genuine Process Indicator

a measure of economic status that includes personal consumption, income distribution, levels of higher education, resource depletion, pollution, and the health of the population

technology transfer

the phenomenon of less developed countries adopting technological innovations developed in wealthy countries

leapfrogging

the phenomenon of less developed countries using new technology without first using the precursor technology

natural capital

the resources of the planet, such as air, water, and minerals

manufactured capital

all goods and services that humans produce

human capital

human knowledge and abilities

market failure

when the economic system dues not account for all costs

environmental economics

examines the costs and benefits of various policies and regulations that seek to regulate or limit air and water pollution and other causes of environmental degradation

ecological economics

the study of economics as a component of ecological systems

valuation

the practice of assigning monetary value to intangible benefits and natural capital