HL.b Environmental and ecological economicsIB Environmental Systems and Societies HL: Flashcards
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What is environmental economics?
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- What is environmental economics?
- Economics applied to the environment and environmental issues.
- Define market failure in an environmental context.
- When the free market allocates goods and services in a way that imposes negative impacts on the environment.
- What does the polluter-pays principle state?
- The polluter should bear the cost of the damage caused.
- What is greenwashing?
- Marketing that gives a company a more environmentally friendly image than its practices justify (also green sheen).
- What is the tragedy of the commons?
- Overexploitation of a common good where property rights are unclear and no market price is attached.
- What is environmental accounting?
- The attempt to attach economic value to natural resources and their depletion.
- Give an example of a non-use value.
- Existence value, bequest value (for future generations) or cultural value.
- How does ecological economics view the economy?
- As a subsystem of Earth's larger biosphere, with the social system a sub-component of ecology.
- How is economic growth usually measured?
- As the annual percentage change in GDP.
- What is eco-economic decoupling?
- Separating economic growth from environmental degradation.
- What do ecological economists support?
- Slow, zero or no growth, and degrowth: a planned reduction in consumption and production.
- Which two models are applications of ecological economics?
- The circular economy and doughnut economics.
Written by the Exaim team, led by Shaun Daswani (Head of Upper Secondary, Improve ME Institute; MSc Financial Mathematics, Imperial College London; BSc, UCL) and Jason Daswani (operational lead, Improve ME Institute; LSE).