Economics and environmental question - midterm

What is an Economist? What is the job of an Economist?

Economist is a person who studies economics. His job is to spend time examining the factors that influence the decisions of buyers and sellers.

What does the EPA stand for?

Environmental Protection Agency

What are some responsibilities of The European Union(EU)?

To produce thorough, current environmental data and analyses that can be used to guide policymakers.

Identify three goals of Modern-day environmental policies?

To protect environmental quality, to protect natural resources, to ensure that resources are shared fairly.

Name the three types of economies and define.

Centrally planned economy- the government decides what is made, how it is made and who gets what. Free market economy- individuals decide what is made, how it is made, how much is made. Mixed economy- both government and individuals play a roles in decisions

Compare and contrast goods and services.

Goods are the manufactured materials and products that consumers and businesses buy; services are the work that someone or a company does for others as a form of business.

Name five individuals and groups that help make environmental policies

Governments, citizens, organizations, businesses, scientists

Give an example of Supply and Demand.

If a consumer were willing to pay a high price for something, the quantity purchased at a high price would be high.

Name the 3 branches of government and list 2 examples of their responsibilities.

Legislative Branch- Make the laws Executive Branch- Enforce the laws Judicial Branch-interpret the laws

Explain Market Failure.

Occurs when markets do not consider the environment's positive effects on economies.

What is The World Trade Organization(WTO)?

Promote free trade and enforces fair trade practices among its member nations

What is the role of the United Nations (U.N)?

Promote peace and to help solve economic, social, cultural and humanitarian problems.

Give an example of Cost and Benefit Analysis.

Purchasing a training or course with your money for advancement in your current job.

Explain how economies receive support from the environment.

The environment provides natural resources and forces people need to survive such as the sun's energy, fresh water, trees, rocks, and fossil fuels.

What is the role of the World Bank?-

The institution shapes environmental policy funding projects such as dams and irrigation systems.

Define natural resources-

The natural substances and forces people need to survive

What is the job of an Ecological Economists?

They advocate for economies that do not grow or shrink, but rather are stable and sustainable

Explain how supply and demand works:

When demand is high, sellers increase production and raise a product's price to make as much money as they can. When demand is low, sellers decrease production and reduce a products price to encourage people to buy it.

What is internal costs and benefits?

When economists tend to assume that costs and benefits only affect buyers and sellers directly involved in transactions.