Studied by 1 person
Economics
The study of how people make choices about what to produce, how to distribute goods and services and how to use them
Supply
Refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices
Demand
Refers to the quantity of a good or service that consumers are willing and able to buy at different prices
Markets
Any location or platform (both physical and virtual, i.e. online) where buyers and sellers come together to exchange goods and services
Market Interactions
Involves the exchange of goods and services based on the forces of supply and demand
Housing Market
Prices determined by supply of houses for sale and demand from buyers
Labor Market
Wages determined by supply of workers and demand from employers
Stock Market
Stock prices influenced by supply of shares and demand from investors
Agricultural Market
Prices determined by supply of agricultural products and demand from consumers
Foreign Exchange Market
Prices of currencies determined by supply of and demand for different currencies
Environmental Economics
A branch of economics that applies economic principles to environmental issues and the management of natural resources
Technocentrists believe…
that advancements in science and technology can solve environmental problems within the existing economic framework
Ecocentrists support…
a more holistic approach that prioritizes fundamental changes in human behavior towards sustainable living
The existing economic system often relies on…
the belief that scientific and technological advancements will be sufficient to address environmental challenges
Supporters of environmental economics argue…
for a shift towards sustainable and responsible human behavior as a solution to environmental issues
Note 
Flashcard (31)