Chem395:Practice Problem Set 1 Answers
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This is the answer key for practice problem set #1.
- Explain the following terms in a sentence or two: natural capital, carrying capacity, intellectual capital, externality, the triple bottom line.
- Natural capital
- Those features of nature, such as minerals, fuels, energy, biological yield, or pollution absorption capacity, that are utilized or potentially utilizable in human social and economic systems.
- The earth’s carrying capacity
- May refer to the population that a given ecology can support over the long term.
- Alternatively defined as the earth’s ability to provide required inputs and outputs as well as assimilate the waste outputs for a given population.
- Intellectual capital
- Two sources of intellectual capital in an organization- human capital and organizational capital.
- Human capital = knowledge & ability.
- Organizational capital = hardware, software, technology, management methods.
An increase in intellectual capital leads to a more efficient use of resources and reduce waste.
- Externalities
- are external to the buyer & seller. Traditionally environmental costs are considered externalities. For example the cost of a tonne of fertilizer does not include the costs for cleaning up any environmental damage it causes (this may be very variable and hard to predict, anyway).
- The Triple Bottom Line
- Traditional economics determines quality of life using only monetary measures (e.g., GDP)- economic capital.
- Marxism & liberalism seek to include social factors- social capital.
- Environmentalism also includes natural capital.
The triple bottom line therefore includes economic, social and natural capital.
(Questions 2 onwards to follow)
| Chemistry 395 practice problems | |||
| #1 - #1 answers || #2 - #2 answers || #3 - #3 answers #4 - #4 answers || #5 - #5 answers || | |||
