ECON 333 Sustainable Development

Sustainability

the desired balance between economic growth and environmental preservation

Sustainable development

a pattern of development that permits future generations to live at least as well as the current generation

Environmental accounting

the incorporation of environmental benefits and costs into the quantitative analysis of economic activities

Sustainable national income

an environmental accounting estimate of the total annual income that can be consumed without diminishing the overall capital assets of a nation

Environmental kuznets curve

reflects the concept that pollution and other environmental degradation first increases and then falls with increases in income per capita

The world food crisis

when food prices increased dramatically creating a global crisis and causing political instability and social unrest in both developing and developed nations

Agricultural productivity

average productivity per worker

average crop yield per hectare

(1/2)(100)(15-10)

consumer surplus

(1/2)(100)(10-5)

producer surplus

common property resource

collectively publicly owned and allocated under a system of unrestricted access

private cost

the direct monetary outlays or costs of an individual economic unit