eco

• Equality


  Complete equality of income in a society where everyone receives the same amount of income and wealth
• Inequality in the distribution of income and wealth occurs in all societies
• Reasons for inequality

  • Differences in talents, abilities and experience
  • Differences in the ownership of assets
• Equity is present in societies to some degree
• Example of unequal treatment

  • Male and female workers receiving unequal treatment in many societies
• Poverty line


  An estimate of the income needed to ensure basic human survival
• Headcount ratio

  The percentage of the population living below the poverty line
• Poverty can be measured by estimating the percentage of the population living below the poverty line
• Absolute poverty and relative poverty are two different concepts of poverty
• Policies that can be adopted towards equity and inequality

  • Redistribution of income and wealth
  • Provision of public services
  • Regulation of markets
• real gdp = nominal gdp - inflation rate
• natural capital refers to all natural resources which have economic value
• ecosystem services are benefits that people obtain from ecosystems, such as food production or recreation.
• economic growth = increase in real GDP per capita over time
• the economy is the production, distribution, exchange, consumption of goods and services
• the main aim of the ecological footprint is to measure how much land and water area we need to sustain our lifestyle
• GDP per capita is calculated as GDP divided by the number of people in the country.
• Inflation measures changes in average prices over time, while deflation refers to falling prices.
• Deflation occurs when there is a decrease in the general price level of goods and services in an economy.
• human capital is the knowledge, skills, competences and health attributes embodied in individuals
• the three types of ecosystem service are provisioning, regulating, cultural
• financial capital is money available for investment
• social capital is the networks, norms and social trust that facilitate cooperation within or among groups.
• Economic development is the process by which an economy grows and develops over time, leading to improvements in living standards and quality of life.
• The concept of sustainable development was introduced at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janeiro in 1992.
• Gross Domestic Product (GDP) measures the total market value of all final goods and services produced within an economy during a specific period of time
• The circular flow diagram shows how money flows between households and firms in an economy
• Sustainable development aims to meet the needs of current generations without compromising the ability of future generations to meet their own needs.
• a carbon tax is an environmental policy tool used by governments to reduce greenhouse gas emissions
• Economics is concerned with the allocation of scarce resources among competing ends
• carbon credits are issued when companies invest in projects that reduce greenhouse gas emissions
• The ecological footprint measures the amount of biologically productive land and sea required to support human activities.
• cap-and-trade systems allow firms to buy and sell permits to emit greenhouse gases within a set limit
• CPI measures the change in the cost of living for households based on their spending patterns.
• RPI includes housing costs like mortgage interest payments and rent, which are not included in CPI.
• natural capital is all natural resources that can be used or enjoyed
• physical capital is man-made assets such as buildings, machinery, infrastructure etc.
• social capital is networks, norms and trust that facilitate cooperation among individuals and groups
• regulating services include climate regulation, air quality maintenance, water purification, pollination, pest control, waste treatment, seed dispersal, nutrient cycling, disease control, erosion prevention, and natural hazard protection
• cultural services include recreation, aesthetic enjoyment, spiritual enrichment, cognitive development, inspiration, education, social relations, sense of place, and cultural heritage