are market-based solution to negative externalities of production, also known as cap and trade schemes
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when the production of a good or service generates a positive effect on a third party or society, which has not been considered in the decision-making process of producing such good
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is a situation in which the consumption of a good or service generates a negative effect on a third party or society, which has not been considered when deciding to consume that good
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when the consumption of a good or service generates a positive effect on a third party or society, which was not considered during the decision-making process
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are resources that are not owned by anyone, do not have a price, and are available to use without payment. They are rivalrous and non-excludable
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refers to the ability to maintain or preserve natural resources
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is defined as 'development that meets the needs of the present without compromising the ability of future generations to meet their own needs.'
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is a method of reducing the levels of carbon dioxide emitted from burning fossil fuels.
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impose a cap - a maximum amount- on the total amount of carbon dioxide that producers can release into the atmosphere. Permits to release carbon dioxide are distributed to producers, and these permits can be bought and sold in the market
