Risk, Economics, & Environmental Concerns

These flashcards cover key concepts related to risk perception, assessment, decision-making processes, and the environmental economics framework.

Risk Perception

The subjective judgment about the severity and likelihood of risk associated with an event or situation.

Risk Assessment

A scientific process used to evaluate the probability of harmful effects resulting from exposure to a hazardous substance or situation.

Involuntary Risk

A risk that individuals cannot control or avoid, often imposed by external factors.

Voluntary Risk

A risk that individuals choose to take, often related to personal decisions or activities.

Precautionary Principle

A strategy for approaching issues of potential harm when extensive scientific knowledge is lacking, emphasizing preventative action.

Exposure vs. Hazard

Exposure refers to the amount and frequency of contact with a risk, while hazard denotes the potential dangerousness of the risk itself.

Consequences of Risk

The potential adverse effects resulting from a risk, including severity and type of damage.

Acute Exposure

Short-term exposure to a hazardous substance that can cause immediate and severe effects.

Chronic Exposure

Long-term exposure to a hazardous substance that can cause effects developing over time.

Risk Mitigation

The process of taking steps to reduce adverse effects of potential risks.

Cost-Benefit Analysis

A method used to evaluate the overall value of an initiative by comparing its costs and benefits.

Environmental Costs

The negative impact on the environment arising from human activities, including pollution and resource depletion.

Ecosystem Services

The benefits provided by ecosystems to humans, including clean water, pollination, and carbon storage.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Renewable Resources

Resources that are naturally replenished on a human timescale, such as sunlight and wind.

Nonrenewable Resources

Resources that do not replenish at a sustainable rate, such as fossil fuels and minerals.

Environmental Justice

The fair treatment and meaningful involvement of all people in environmental policies and decisions that affect them.

Extended Product Responsibility

A policy approach that extends the responsibility of producers for the lifecycle of their products, including waste management.

Human Rights in Business

The obligation of businesses to respect and protect human rights as defined by international standards.