Short-term Financial Gain and Commons Ownership

RaptDenouement avatar

Start Quiz

Study Flashcards

17 Questions

What do Cornucopians believe regarding environmental conditions?

Human ingenuity will solve any problem

How do Cassandras view the future according to the text?

The world is doomed and disaster is inevitable

What is the first step in solving environmental problems according to the text?

Identifying the problem

How does environmental science help us in relation to the environment?

Find balanced solutions to environmental problems

In terms of economics, how can solving environmental problems benefit society?

Move towards health, longevity, peace, and prosperity

What is the primary reason for dividing the commons into sections owned by villagers?

To ensure long-term planning and use

What does 'The Tragedy of the Commons' refer to?

Exploiting a commons area for short-term economic gain

How does economics influence environmental decision-making?

By conducting cost/benefit analysis

What economic principle states that the greater the demand for a limited resource, the higher the price?

Supply and Demand

In environmental decision-making, what does a cost/benefit analysis help to determine?

If the economic benefits justify the costs

What was the immediate impact of the toxic chemical leak from the Bhopal Pesticide Plant in 1984?

About 3,000 immediate deaths

What is the primary purpose of environmental science according to the passage?

To understand the impacts of development on the environment

Which of the following is NOT mentioned as a global environmental problem in the passage?


According to the passage, what is the key difference between environmental science and environmentalism?

Environmental science is the pursuit of knowledge about the natural world, while environmentalism is a social movement dedicated to protecting the natural world.

What is the lesson of Easter Island according to the passage?

People annihilated their culture by destroying their environment.

According to the passage, what is required to tackle global environmental problems?

Concerted effort from across the world

Which of the following is NOT mentioned in the passage as a result of development?


Study Notes

The Tragedy of the Commons

  • A scenario in which a shared resource is depleted because each individual is motivated to use it for short-term economic gain
  • Examples: atmosphere, oceans

Private Ownership and Long-term Planning

  • Dividing the commons into sections owned by each villager can promote long-term planning and resource management
  • Individuals are more likely to plan and use the resource sustainably when they have a stake in its long-term health

Economics and the Environment

  • Economics plays a significant role in environmental decision-making
  • Key principles include supply and demand, cost/benefit analysis
  • The price of a limited resource increases with higher demand

Case Study: Waukegan Harbor Cleanup

  • A $30 million cleanup effort began in 2010 to remove pollution from the harbor
  • The cleanup includes dredging the harbor floor, monitoring water, sediment, and fish populations

Case Study: Bhopal Pesticide Plant Disaster

  • In 1984, a pesticide factory in Bhopal, India leaked toxic chemicals into the air, causing 3,000 immediate deaths and 8,000 long-term deaths
  • The disaster resulted in 558,125 reported injuries
  • The incident highlights the importance of environmental regulations and safety measures

Importance of Environmental Science

  • Environmental science helps us recognize global environmental problems, such as climate change and biodiversity loss
  • It informs our understanding of the impact of development on the environment
  • Environmental science can help us find balanced solutions to environmental problems and promote health, longevity, peace, and prosperity

Explore the concept of maximizing short-term financial gain in a commons setting versus dividing the commons into owned sections by villagers for long-term planning. Learn about the Tragedy of the Commons, with modern examples like the atmosphere and oceans.

Make Your Own Quizzes and Flashcards

Convert your notes into interactive study material.

Get started for free

More Quizzes Like This

Financial Concepts Quiz
14 questions
Understanding Cybercrimes for Financial Gain
5 questions
Importance of Innovation in Business
18 questions
Use Quizgecko on...