Flashcards in Economics, Ethics, and Critical Thinking Deck (6)
Local, individual, small organization, concerned with the economic behavior of individuals, households, and businesses. Deals with decisions that are markets where goods or services are being bought or sold. Examines behaviors and decisions affect the supply and demand, which in turn determine prices. 2 concerns are inputs and outputs. Inputs include that commodities that companies need to produce goods and services, including raw materials, labor, and energy. Outputs include goods and services. 3 types- Command, Market, Subsistence.
An economy in which the production of goods is subject to central control, as in Cuba or former Soviet Union, China. A planned economy, in which the state or government manages the economy. Controls all major sectors of the economy from food production to the manufacture of household goods.
An economy that relies on monetary signals to control production and distribution of goods and services. The production, distribution, and price of goods and services are made by private individuals-business owners-based upon their own customer interests. What they produce and the quantity they produce each year are determined by consumer demand and the potential for profit.
People living in small groups acquired or made what they needed to survive form the environment, hunter-gatherer.
Conservation-preservation and protection of the natural environment
Recycling-convert waste into reusable material
Renewable Resources-solar, wind, water (hydro), biomass, and geothermal
Restoration-returning something to it's original condition
Population Growth-increase of human population
5 Operational Principles of Sustainable Ethics