Chapter 28: Dollars and Environmental Sense - Economics of Environmental Issues

192314465	commons	Land (or another resource) that belongs to the public, not to individuals with public access for private uses; resources shared by a group - not privately owned.
192314466	direct costs	Costs incurred by the producer and passed directly on to the user or purchaser.
192314467	environment economics	Economic effects of the environment and how economic processes affect that environment, including its living resources.
192314468	externality	An indirect cost.
192314469	indirect costs	In economics, an effect not normally accounted for in the cost-revenue analysis; an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
192314470	marginal costs	In environmental economics, the cost to reduce one additional unit of a type of degradation, for example, pollution; the additional or extra cost associated with an action or with additional production.
192314471	policy instruments	The means to implement a society's policies. Includes moral suasion; direct controls, including regulations; and market processes affecting the price of goods and processes, such as subsidies, licenses, and deposits.
192314472	risk-benefit analysis	In environmental economics, the riskiness of the future that influences the value we place on things in the present.