Environmental and Ecological Economics (IB)

Economics

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