Key Terms:
- commons- land or other resources that are owned publicly, with public access for private uses.
- direct costs- those borne by the producer in obtaining, processing, and distributing a product.
- environmental economics- a field of economics that is concerned with environmental issues.
- externality- is a cost or benefit that affect a party who did not choose cost or benefit
- indirect cost- costs that are not directly accountable to a cost object
- intangible factor- you can't touch directly but you can value it.
- natural capital- the land, air, water, living organisms and all formations of the Earth's biosphere that provide us with ecosystem goods and services
- policy instruments- a term that is use to describe some methods used by governments to achieve a wanted effect
- public-service functions-
- risk-benefit analysis- the riskiness of a Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage. present action in terms of its possible outcomes is weighed against the benefit, or value, of the action
- tangible factor- When you can touch, buy, or sell