1.) Name and describe two key contributions that the natural environment makes t
ID: 285753 • Letter: 1
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1.) Name and describe two key contributions that the natural environment makes to our economies 2.) What are ecosystem services? Give several examples. Describe how some economists have tried to assign monetary values to ecosystem services. 3.) Describe at least one major goal of and justification for environmental policy. Now articulate three problems that environmental policy commonly seeks to address. 4.) Compare and contrast the three major approaches to environmental policy: lawsuits, command-and-control, and economic policy tools. Describe an advantage and disadvantage of each. adand diad antage of cach.ols 5.) How can sustainable development be defined? What is meant by the triple bottom line? Why is it important to pursue sustainable development?Explanation / Answer
1) Name and describe two key contributions that the natural environment makes to our economies.
Key contributions that the natural environment makes to our economies are:
- goods such as lumber, metals, fuels.
- provides ecological systems to purify air and water, form soil, and cycle nutrients i.e. all required economic activity.
2) What are ecosystem services? Give several examples. Describe how some economists have tried to assign monetary values to ecosystem services.
Ecosystem services defined as direct and indirect contributions by the ecosystem which improve human quality of life. Some economists have tried to assign monetary values to ecosystem services.
For instance , bees provide pollination whose service has a market value worth of 0.2 trillion, or birds controlling pests gives a service of 1.3 trillion to farmers.
By assigning monetary value to these services, the cost-benefits analysis make decisions which are more sustainable.
3) Describe at least one major goal of and justification for environmental policy. Now articulate three problems that environmental policy commonly seeks to address.
Environmental policy states set of general plans that guid decision making in favour of our environment.
Three problems that environmental policy commonly seeks to address are :
1.Problem of the commons:
With a communal resource which has no incentive for caring for it, each individual will overuse the resource till it is depeleted.
2. Not paid Riders:
Many individuals addressing to problem that together reduce the problem, but it does not mean that each individual done their part to reduce problem, they still have a "free rider" or loafer.
3. External Costs:
Polluters now forced to deal with their external costs such as by additional payment that can raise price and cause demand that results in less activities that cause pollution.
4) Compare and contrast three major approaches to environmental policy: lawsuits, command and control, and economic policy tools. Describe and advantage and disadvantage of each.
1. Lawsuits:
Individuals facing external costs from pollution would sue polluters may be one case at time. Polluters if guilty than pay the sufferer. Proved inefficient because population grow and judges don't hinder the industry.
2. Command and control:
A regulating agency prohibits some actions and sets rules, standards or limits that threatens punishment for violation.
3. Economic Policy tools:
Use financial incentives that promote desired outcomes and encourage private entities compete in a market place that innovate and produce better solutions at a lower cost.
5)how can sustainable development be defined? What is meant by the triple bottom line? Why is it important to pursue sustainable development?
Sustainable development defined as fevelopment that meets the needs of the present situation without sacrificing the needs of future generations to meet their own needs.
The triple bottom line defined as a trio of goals that comprise complete and well rounded sustainable development.
It is important to pursue sustainable development because it is the only way to ensure the same quality of life for future generations also....
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