What is Biodiversity? - Book definitions

7 important questions on What is Biodiversity? - Book definitions

Externalities, as defined in the book, is the....


hint: could be positive or negative

The consequence of the activity that affects other groups.

Give the negative externality example in the book, please.

Hint: It has to do with environmental damage.

Environmental damage to open-access resources, like water, air and soil.

Open-access resources are owned by what as defined by the book?

Hint: water, air and soil

Open-access resources are collectively owned by society at large.
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The tragedy of the commons is the value of what?

Hint: Super environmental damage

The value of the open-access resource is gradually lost to all of society.

What is a market failure as defined by the book?

Hint: Tragedy of the commons

When an economic system fails, and the balance of supply and demand for products or services is lost.

What is environmental economics?

Hint: It's a subdiscipline of economics

A subdiscipline of economics that places a value on components of the environment

What is Ecological Economics? What does it seek?

Hint: It can also be useful at a more local scale, like for improving outcomes of restoration projects.

It seeks to integrate the thinking of ecologists and economists into a transdicipline aimed at developing a sustainable world.

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