Global Industrial revolution

Economics

Study of how people use resources to satisfy wants and needs.

supply

The amount of a product offered for sale at a given price.

demand

The amount of a product people will buy at a given price.

cost-benefit analysis

Comparing sacrificed costs against expected benefits of a decision or action.

environmental economics

Field applying economic principles to sustainability and environmental issues.

non-market value

Value not usually included in the price of goods and services.

market failure

When markets do not reflect the full environmental costs of actions.

ecolabeling

Telling consumers which brands are made with environmentally friendly processes.

centrally planned economy

Government decides what is made, how, and who gets it.

free market economy

Individuals and businesses decide in unregulated markets.

mixed economy

Combines elements of free market and centrally planned economic systems.

policy

A formal set of plans and principles intended to address problems.

environmental policy

Plans and principles addressing human interactions with the environment.

environmental impact statement

Report evaluating the environmental impacts of government actions.

clean water act

US law regulating pollutant discharges into waters of the United States.

national environmental policy act

US law requiring federal agencies to assess environmental impacts.

Executive Branch

Government branch responsible for enforcing and administering laws.

Legislative Branch

Government branch responsible for making and passing laws.

Judicial Branch of government

Government branch responsible for interpreting laws and constitutionality.

lobbying

Attempting to influence elected officials to support specific legislation.

cap-and-trade

System where government sets pollution limits and issues transferable permits.

green tax

Tax placed on environmentally harmful activities or products.

command-and-control approach

Government approach where rules and punishments enforce environmental policy.

subsidy

A giveaway of cash or public resources to encourage specific activities.

United Nations

International organization promoting global cooperation, peace, and security.

European Union

Economic and political union of European nations.

World Trade Organization

Global international organization dealing with trade rules between nations.

World Bank

International financial institution providing loans for capital projects.