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Corporation
An entity whose sole function is the generation of profit on an annual basis for the owner(s) and or the investors. TERM 2
Meoclassical Economic
Theory
DEFINITION 2 Natural resources are inportant, however they are not vital because of man's demonstrated ability to find subsitutes for scarce resourses. TERM 3
Ecological Economic
Theory
DEFINITION 3 Economic Systems are substytems of the environment and are heavily dependent on the planet's resources. Neoclassical economic theory is unsustainable. TERM 4
Environmental Economic
Theory
DEFINITION 4 This is the middle ground between the Neoclassical and Ecological theories. This approach is in agreement with the ecological Theory, however it is willing to change policies to protect the environment through the existing economic structure. TERM 5
Centrally Planned Economy
DEFINITION 5 Characterized by little or no goverment intervention in economic commodities
Free Market Economy
characterized by little or no government intervention in economic activity. TERM 7
Supply/Demand Economics
DEFINITION 7 the price of a commodity is determined by the relationship between the demand for a commodity and its availability TERM 8
Internal Costs
DEFINITION 8 direct cost associated with the production, distribution, and sale of a commodity TERM 9
External Costs
DEFINITION 9 cost associated with the production of a commodity and/or the use of commodity for which the value is difficult to determine. This category includes the damage costs to the environment. Neoclassical economic theory does not include external costs while ecological and environmental Economic Theories include external costs. TERM 10
Marginal Cost of Pollution Abatement (control)
DEFINITION 10 the dollar value associated with controlling the discharge of pollutants to the environment. This is an internal cost.
Federal Water Pollution Control Acts (1948-
restore and maintain the chemical, physical, and biological integrity of the nation'swaters. Later approved versions addressed the administrative issues consolidating all authority to the USEPA. TERM 17
Clean Water Act of 1977
DEFINITION 17 addressed surface water pollution TERM 18
Water Quality Act of 1987
DEFINITION 18 addressed storm water issues TERM 19
Safe Drinking Water Act of
DEFINITION 19 Established drinking water standards TERM 20
Endagered Species Act of 1974
DEFINITION 20 Provides protection and an identification methodology for species at risk or extinction.
Resource Concervation and Recovery Act of
1976 (RCRA)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980-created the fun (superfund) for the remediation of hazardsous waste sites. TERM 22
Clean Air Act (1970- Present)
DEFINITION 22 the clean air act (CAA) is the comprehensive federal law that regulates air emission from stationary and mobile sources. Among other things this law uthorized EPA to establish National Ambient Air Quality Standards (NAAQS) to protect the public health and public welfare and to regulate emissions of hazardous air pollutants. In 1990 established first cap and trade pollution control policy. In 2010 EPA recieved authorization to regulate "greenhouse" gases over the obection of many Republican state and federal officials. The authorization has been upheld by the US Supreme Court.
