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Chapter 20Sustainability, Economics, and Equity
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Summary Slide• Economics: incentives and constraints
• Natural resources & services have value
• Markets allocate resources most efficiently
• Markets do not address all concerns
• Political and economic institutions address this
• “Sustainable development” must include economic, political & social aspects.
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Sustainability
Something is sustainable when it meets the needs of the present generation without compromising the ability of future generations to meet their own needs.
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Scarcity
A market occurs whenever people engage in trade.
In a market economy, the cost of a good is determined by supply and demand.
The supply curve (s) shows how many units that suppliers of a given product or service are
willing to supply
The demand curve (D) shows how much of a good
consumers want to buy.
When the price of a good comes to an equilibrium point and the
two curves (S and D) intersect on the graph.
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The Law of Demand
When the price of a good rises, the quantity demanded falls and when the price falls, demand rises.
The Law of Supply
When the price of a good rises, the quantity supplied of that good will rise and when the price of a good falls, the quantity of the good supplied will also fall.
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Externalities The costs or impact of a good or service on people and
the environment not included in the economic price of that good or service.
Ex. costs of using common resources such as water, air, land, or the oceans and the costs of air and water pollution or solid waste products.
GDP (gross domestic product)- the value of all products and services produced in a year in a given country. GDP does not reflect externalities such as pollution.
Examples:
-Global Warming (I burn coal, someone else’s coastline gets
flooded)
-Pollution
-Resource degradation
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Kuznets Curve
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GDP (Gross Domestic Product) measures
a countries’ total output
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World Agencies
United Nations (UN)
United Nations Environment Program (UNEP)
The World Bank
The World Health Organization (WHO)
The United Nations Development Program (UNDP)
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United States Agencies
The Environmental Protection Agency (EPA)
The Occupational Safety and Health Administration (OSHA)
The Department of Energy (DOE)
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