Ecology and economy are both derived from the Greek word “Oikos” meaning
Natural capital is that which is created by
Natural Earth processes
Which of the following is considered Human Capital:TimberSolar Energy Technology such as hydroelectric powerBuildings in a community Knowledge of History
Knowledge of History
which of the following is considered Social Capital?Community OrganizationHuman Expierences Technology such as a water treatment plant in a community knowledge of a community’s history
Community organization
_____is a nonrenewable resourseScientific techHydroelectric powerCoal
Renewable resources are those that
will always renew themselves unless we destroy them
An example of an intangiable resource is
The economic theory that was originally focused on how the interests and values of individual societal goals is the ______ economic theory.
In economic terms “demand” Is how much of something
People will buy regardless of price
In economic terms “supply” is how much of something
Is available on the market
A(n)_______relationship exists between supply and demand. Therefore, when supply is high, demand is _____
Inverse; low
on the classical supply-demand graph ______ is highest when prices are low
On the supply-demand graph, market equilibrium is marked
C. The exact center point where they meet
Using the supply-demand graph, what happens as the price of a good service increases?
Demand falls and supply increases
Price inelasticity is when _____ while price elasticity is when _____.
The supply/demand curve is followed; consumers buy a product regardless of cost
Political economy theory incorporates _____ while neoclassical economic theory incorpprates
The issues of social structures and value systems; objectivity and scientific analysis.

when we purchas a product, the price we pay directly reflect the _____ cost of producing it. If the Manufacture of the product degrades the quality of the air or water, then the cost of this pollution are are termed _____ costs.
Indirect; incidental
when a factory pollutes a river, the costs and losses that affect people downstream would be called _____ costs.
Ecological economics is different from the other economic theories because it recognizes the
Human econmy as one part of a dynamic world system.

A stedy-state economy would be marked by___ resource consumption,_____ volume and ______output.
Low, Low, High-quality
What author critized the idea of commonly held resources in “The Tragedy of the Commons?”
Garret Hardin
“The Tragedy of the Commons” is based on a view that
Open access systems can be sustained and promoted
Which of the following is an example of an open access system?
Cattle grazing on common woodlands and pasturizes in colonial New England.
The price of natural gas doubles. What would happen to the quanity of the natural gas in a market system?
The quantity decreases because it is too expensive to produce
In a frontier economy, there is usually a relative abundance of ____ because of the inefficiency _____
Natural resources; of the procedures for gaining access to resources.

The graph shows how _______ when economies develop.
Prices and quantites fall simutaneously
The price/quantity intersection marked “a” in the graph represents a/an _____ economy.
Which of the following is NOT an effective response to resource scarcity?
Increasing trade with other regions
In Limits to Growth the Club of Rome predicted that
Economic collapse is likely if we do not reduce population growth
the computer models published in the 1972 Limits to Growth predicted _____ in the next century
Population and resource crashes
In response to criticisims of Limits of growth a computer model was published in Beyond the Limits that
Includes technological progress and pollution abatment
Things like open space or clean air can be considered a resource because they are
Valued by people
The use of Gross National Products as an indicator of economic well-being
Is criticized as an inaccurate measure of the quality of life
Which of the following would not be counted as part of the Gross National Product?
Home health care by a family member
Which of the following indicators is incorrectly matched with the factors it takes into account?
Gender Development Index – gender and natural resource depletion
The most valuable component of ecosystem services is provided by
In 1997, ecological economists put a price on the goods and services provided by natural systems. This estimated annual value ranged from
$16-54 trillion
What is the name of the process the lending institution is going through in this scenario?
Cost-benefit analysis
The analysis
Includes many subjective judgments
Which of the following is not a major criticism of the type of analysis in the scenario?
People are willing to answer questions about how much they would spend to save the Amazon rainforest
An example of a market-based incentive for environmental protection would be
Fees placed on certain types or volumes of a pollutant
The function of the World Bank is to administer
Major international development aid
One of the highest volume and longest lasting components of landfills is ______________, which will not break down for at least ___________ years.

Electronics; 5,000
Businesses are now willing to become “green” because
Doing so improves their image and saves money in the end
Many businesses are exploring and adopting the “design for the environment.” Which of the following is not associated with this approach?
The products of a process are resources for other processes
Environmental protection has been proven to __________ the number of available jobs because __________.
Increase; labor is usually substituted for natural resources (as in the case of recycling)
Most job layoffs occur as a result of
Material shortages
Pollution charges and emissions trading are examples of market-based mechanisms for environmental protection.
The General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) agreements are primarily negotiated among the largest industrial nations. This tends to keep less-developed countries in the role of resource supplier to more developed countries.
The Grammeen Bank is a microlender whose business loans assist mainly low-status women.
What you choose to buy as a consumer does not really influence businesses to produce eco-friendly goods and services.