Explanation The key concept of the section is that the ecological economists and most of the sustainability experts regard human economic systems as subsystems of the biosphere. Economics is defined as the branch of social science that is involved in dealing with the production, distribution, and utilization of goods and services to satisfy the needs and wants of the people. Supply comprises a number of goods or services that producers offer for sale at a given price. Demand refers to a number of goods or services that people are willing to buy at a given price. If the demand for goods or services is greater than the supply, then the price rises. If the supply is greater than the demand, then the price falls. The differences between natural capital, human capital, and manufactured capital are as follows: No. Characteristics Natural capital Human capital Manufactured capital 1. Type of resources used It includes the resources and ecosystem services that are produced by Earth’s natural processes that support all life and economies. It includes the physical and intellectual talents of the people providing labor, organizational and management skills, and innovation. It includes the machinery, materials, and factories that people create using natural resources. Economic growth is characterized by the increase in the capacity of a nation, city, state, or company to provide goods and services to people. High-throughput economy boosts economic growth by increasing the flow of matter and resources to produce more goods and services...

The key concept of the section. The meaning of the term economics, economic growth, and high-throughput economy. The meaning of the term supply and demand and its relation to price. The differences among natural capital, human capital, manufactured capital and economic development and environmentally sustainable economic development. The summary of the controversy that occurred over the use of discount rates in estimating the future value of a resource. The uses and limitations of the cost-benefit analysis.

Environmental Science (MindTap Course List)

16th Edition

ISBN: 9781337569613

Author: G. Tyler Miller, Scott Spoolman

Publisher: Cengage Learning

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Chapter 17, Problem 2CR

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The key concept of the section. The meaning of the term economics, economic growth, and high-throughput economy. The meaning of the term supply and demand and its relation to price. The differences among natural capital, human capital, manufactured capital and economic development and environmentally sustainable economic development. The summary of the controversy that occurred over the use of discount rates in estimating the future value of a resource. The uses and limitations of the cost-benefit analysis.

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