11:375:101 Chapter Notes - Chapter 23: Human Capital, Marginal Cost, Discount Window

• School: Rutgers University
• Department: Environmental Sciences
• Course: 11:375:101
• Professor: Dr. Ravit

Document Summary

Economics - the social science that deals with the production, distribution, and consumption of goods and services to satisfy people"s needs and wants. Subsidies - payments intended to help a business grow and thrive; includes tax breaks, trade barriers, and regulations. Natural capital - includes resources and ecosystem services produced by the earth"s natural processes. Human capital - includes the physical and mental talents of the people who provide labor, organizational and management skills. Manufactured capital - includes tools, materials, machinery, factories, roads and other infrastructure that people create using natural resources. Economic growth - an increase in the capacity of a nation state, city, or company to provide goods and services to people. High-throughput economy - attempts to boost economic growth by increasing the flow of matter and energy resources through the economic system to produce more goods and services.