Urban and Environmental Economics: The Economy of Transport

These flashcards cover key concepts from the Urban and Environmental Economics lecture on the Economy of Transport, focusing on market mechanics, transport policy, and the economic implications of transport decisions.

Market Economy

An economic system where supply and demand determine the prices of goods and services.

Supply

The quantity that producers are willing to offer to the market for a particular good or service at any given price.

Demand

The quantities that individuals, organizations, and institutions are willing to buy at any given price.

Market Equilibrium

The point at which the quantity supplied equals the quantity demanded for a good or service.

Self-containment

A measure of how many people live and work in the same area, typically indicating a high local employment rate.

Accessibility

The ease of reaching desired destinations or services, often considered in transport planning.

Congestion Charge

A fee charged to drivers entering certain areas to reduce traffic and fund public transport improvements.

Ultra-Low Emission Zone (ULEZ)

An area where only low-emission vehicles are allowed to help reduce air pollution.

Induced Demand

A phenomenon where increasing the supply of roads or lanes leads to more driving and eventually more congestion.

Smeed's Law

The principle that traffic speeds will self-regulate around a certain threshold, such as 9 miles per hour in urban areas.

Community Infrastructure Levy

A charge that local authorities can levy on developers to help fund local infrastructure needed to support new development.

Mini-Holland

A type of urban design initiative aimed at promoting cycling and walking in outer London boroughs.