8.2 Resource Use in Society

Question 1

Natural Capital

Answer 1

The natural resources and environmental features in a given area, regarded as having economic value or providing a service to humankind.

Question 2

Natural Income

Answer 2

The additional goods and services that ecosystems provide over a set period, above and beyond what is considered the baseline or natural capital.

Question 3

Sustainability

Answer 3

The use and management of resources that allows full natural replacement of the resources exploited and full recovery of the ecosystems affected by their extraction and use.

Question 4

Ecosystem Service

Answer 4

A benefit that humans receive from the natural environment, such as clean air, water purification, pollination of crops, or climate regulation, which support human well-being and economic activity

Question 5

Yield

Answer 5

The output produced over a period of time.
In terms of natural capital, it is the portion of the natural income harvested each year.

Question 6

Tragedy of the Commons

Answer 6

Individuals, acting in their own self-interest, overuse and deplete shared resources, leading to negative consequences for the entire group.

Examples: A fish pond, The Lorax, Easter Island

Question 7

Renewable Resource

Answer 7

a natural resource which will replenish to replace the portion depleted by usage and consumption in a finite amount of time.

Question 8

Non-renewable resource

Answer 8

a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption.

Question 9

Use valuation of natural resources

Answer 9

the process of determining the economic value of the goods and services derived from the utilization of natural resources to inform resource management and policy decisions.

Distinct from non-use valuation, which is about acknowledging intrinsic value.

Question 10

Non-use valuation of natural resources

Answer 10

the process of determining the economic value of natural resources based on their bequest and intrinsic values.

Distinct from use valuation, which is about attaching an economic value to the goods and services provided by an environment.

Question 11

Dynamic

Answer 11

Characterized by constant change or activity.

The way we value certain goods and commodities is dynamic