Watershed and Environmental Economics Concepts

Flashcards covering key concepts related to watersheds, environmental economics, and social justice.

Watershed

An area of land where any water that falls drains to a specific point like a stream, river, or lake.

Environmental Justice

Fair treatment of all people in relation to environmental laws, regulations, and policies.

Demand

How many units of a good a consumer wants to buy, affected by income, price, tastes, expectations, and number of consumers.

Supply

How many units of a given product or service a supplier can make available.

Price

The way that producers and consumers communicate the value of an item and allocate it.

Equilibrium

A state of balance in the market where quantity supplied equals quantity demanded.

Externality

The costs or impacts of a good or service on people and the environment not included in the economic price.

GDP

Gross Domestic Product; the value of all products and services produced in a year in a country.

Kuznet's Curve

A hypothesis describing an inverted U-shaped relationship between economic growth and income inequality.

Technology Transfer

The process where countries adopt technological innovations developed in wealthy countries.

Leapfrogging

The development and adoption of newer technology that makes older technology obsolete, often seen in developing nations.

Redlining

The practice of denying mortgages, insurance, and loans to certain areas, particularly impacting Black communities.

Sacrifice Zones

Areas where marginalized communities are subjected to high levels of pollution and hazardous materials.

Micro Lending

The practice of lending small amounts of money to individuals intending to start a small business.

Environmental Racism

The systematic denial of access to environmental benefits and protection for marginalized communities.

Inequality

Unequal access to opportunities and resources.

Equity

Custom tools that identify and address inequality, ensuring everyone gets the support they need.

Equality

Everyone benefits from the same supports provided equally.

Justice

Fixing the system to offer equal access to tools and opportunities.

Inclusion

Ensuring everyone is included and no one is left out.