1.

Absorption Capacity is the firm's ability to identify, assimilate, transform, and apply valuable
external knowledge. Put another way, it is a limit to the rate or quantity of scientific or
technological information that a firm can absorb.
2. Biomass Fuel are organic materials produced in a renewable manner. Two categories of
biomass fuels, woody and fuels animal wastes comprise the vast majority of available biomass
fuels.
3. Clean technologies refer to any process, product, or service that reduces negative
environmental impacts through significant energy efficiency improvement, the sustainable use of
resources, or environmental protection activities.
4. Common property resource are to be distinguished from "public goods," in that, unlike the
latter, use by someone of a unit of a common property asset typically reduces the amount
available to others by one unit (in economic terminology, such an asset is rivalrous in use).
5. Consumer surplus is a measure of the welfare that people gain from consuming goods and
services.
6. Debt-for-nature swap is financial transactions in which a portion of a developing nation's
foreign debt is forgiven in exchange for local investments in environmental conservation
measures.
7. Deforestation, clearance, or clearing is the removal of a forest or stand of trees from land
which is then converted to a non-forest use. Deforestation can involve conversion of forest land
to farms, ranches, or urban use. The most concentrated deforestation occurs in tropical
rainforests.
8. Desertification is the process by which fertile land becomes desert, typically as a result of
drought, deforestation, or inappropriate agriculture.
9. Environmental accounting is a field that identifies resource use, measures and communicates
costs of a company's or national economic impact on the environment
10. Environmental capital includes negative values such as pollution, contamination, and
desertification.
11. Externality is the cost or benefit that affects a party who did not choose to incur that cost or
benefit. ... Economists often urge governments to adopt policies that will "internalize" an
externality, so that costs and benefits will affect mainly parties who choose to incur them.
12. Free-rider problem occurs when those who benefit from resources, public goods, or
services do not pay for them, which results in an under provision of those goods or services.
13. Global warming is a long-term rise in the average temperature of the Earth's climate system,
an aspect of climate change shown by temperature measurements and by multiple effects of the
warming.
14. Greenhouse gases is a gas that absorbs and emits radiant energy within the thermal infrared
range. Greenhouse gases cause the greenhouse effect. The primary greenhouse gases in Earth's
atmosphere are water vapor, carbon dioxide, methane, nitrous oxide and ozone.
15. Internalization is the opposite of externalization. Generally, internalization describes the
psychological outcome of a conscious mind reasoning about a specific subject; the subject is
internalized, and the consideration of the subject is internal.
16. Marginal cost is the cost added by producing one additional unit of a product or service.
17. Marginal net benefit is an additional satisfaction or utility that a person receives from
consuming an additional unit of a good or service. A person's marginal benefit is the maximum
amount he is willing to pay to consume that additional unit of a good or service.
18. Ozone depletion is a major environmental problem because it increases the amount of
ultraviolet (UV) radiation that reaches Earth's surface, which increases the rate of skin cancer,
eye cataracts, and genetic and immune system damage.
19. Pollution tax is an element of economic mechanism designed to reduce pollution and its
negative effect on the environment.
20. Present value is the value in the present of a sum of money, in contrast to some future value
it will have when it has been invested at compound interest.
21. Private cost refers to the cost of production incurred and provided for by an individual firm
engaged in the production of a commodity. It is found out to get private profit. This cost has
nothing to do with the society. It includes both explicit as well as implicit cost.
22. Producer surplus is a difference between how much of a good the producer is willing to
supply versus how much he receives in the trade.
23. Property rights refer to the theoretical and legal ownership of specific property by
individuals and the ability to determine how such property
24. Public good is a good that is both non-excludable and non-rivalrous in that individuals
cannot be effectively excluded from use and where use by one individual does not reduce
availability to others.
25. Public bad has negative effects (externalities) on people and their communities leading to a
significant loss of social welfare.
26. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted
resource are unavailable to future generations.
27. Social cost is the total cost to society. It includes private costs plus any external costs.
28. Social erosion is a multi-factor threat to crop production and the environment. Most studies
on soil erosion characterization have not focused on soil.
29. Sustainable development is development that meets the needs of the present without
compromising the ability of future generations to meet their own needs.
30. Sustainable national income assesses the distance between the present and the sustainable
level of production and consumption.
31. Total net benefit is the maximum amount a consumer would be willing to pay for a certain
number of units of a good.
References:
Harnden, A. (2018). economic development AFTER DARK. Economic Development Journal, 17(3), 21–28.
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Turnbull, G., Salvino, R., & Tasto, M. (2018). Using Eminent Domain for Economic Development: Does it
Increase Private Sector Employment? Review of Law & Economics, 14(3), N.PAG.
https://doi.org/10.1515/rle-2016-0020
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220
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Fufa, T., & Kim, J. (2018). Financial development, economic growth and convergence clubs. Applied
Economics, 50(60), 6512–6528.
https://doi.org/10.1080/00036846.2018.1489521\
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