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| economics | 1.the branch of knowledge concerned with the production, consumption, and transfer of wealth. |
| supply | In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace. |
| demand | In economics, demand is the utility for a good or service of an economic agent, relative to his/her income. (how much of a product or services will be purchased at a given price) |
| supply & demand curve | graph showing how price (y) tends to drop as supply increases or as demand decreases OR to rise as supply decreases or demand increases |
| cost-benefit analysis | weighing the relative impact of positive and negative outcomes of a resource or action |
| environmental economics | branch of economics that includes nonmarket values in setting the price of a resource or service; goal-to make price high enough to prevent too rapid a sale so that true ecological importance is preserved |
| non-market value | values that are NOT included in the price of a resource or service by a traditional economists, but are by an environmental economists; e.g., value of trees for lowering energy cost or providing habitat or adding beauty |
| market failure | ecological harm caused by selling resources at price that doesn't include their nonmarket failure, resulting in the resources being too quickly depleted at the lower costs |
| ecological services | actions of the environment, like purifying water or recycling carbon or water or decomposing wastes, or providing homes for animals or shade for humans, etc |
| ecolabel | a label that describes the ecological impact of a product, usually to show it more "green" than other products |
| supply & demand equilibrium | the ideal relationship of supply & demand, when supply equals demand and when all units produced will be purchased at a relatively high price |
