Ecosystem Services
This service is harvested, such as timber, fish, and medicinal plants.
What are provisioning services?
This is national income adjusted for depreciation.
What is NDP?
Nondiminishing capital and nondiminishing critical capital.
What is strong sustainability?
This is the tradeoff a person is willing to make for one good in terms of another.
What is economic value?
This sets the maximum allowed pollutant in an environment.
What is an ambient concentration standard?
This service contributes to well-being through natural beauty, recreation and spiritual experiences.
What are cultural services?
What is adjusted net savings?
This occurs when consumption exceeds income and the capital stock declines.
What is overconsumption?
This compares prices across differentiated products to value environmental characteristics.
What is the hedonic method?
This is the idea that regulations increase firm profits.
What is the Porter Hypothesis?
This includes renewable resources, nonrenewable resources and other natural assets that benefit society.
What is natural capital?
This is the sum of manufactured, natural and human capital.
What is inclusive wealth?
This is achieved when there is a fair distribution of resources.
What is economic equity?
This refers to values not easily observed in market activities or transactions.
What are nonmarket values?
This occurs when a pollution reduction in a regulated region is offset by a pollution increase elsewhere.
What is leakage?
This is a service that is more like an intermediate ecosystem process.
What is a supporting service?
This tracks a country's income sources.
What is a national income account?
This occurs when the marginal product of capital equals the depreciation rate.
What is maximum sustainable income OR the Golden Rule of Capital Accumulation?
This is the sum of future income from a stock.
What is the value of capital?
This is the idea that income inequality worsens before it gets better as an economy develops.
What is the Kuznets Curve Hypothesis?
This describes the link between ecosystem services and processes.
What is an ecosystem production function?
This is when the value of inclusive wealth is increasing, or adjusted net savings is positive.
What is weak sustainability?
At this stage of the economy, income per capita is not increasing or decreasing.
What is a steady state?
This refers to the conditions a program or policy is compared to in a CBA.
What is the baseline or status quo?
This type of policy aims to lower the cost of achieving a pollution reduction.
What is an incentive-based policy? or What is a cost-effective policy?