IB Environmental systems and societies Hl.ba Environmental Economics and Its Key Concepts Key Definitions

Ecological economics is an interdisciplinary field that studies the relationship between economic systems and the environment, recognizing that the economy operates within the Earth's ecological limits.

Economic growth refers to the increase in the total market value of goods and services produced in a country over time.

Economics is the study of how humans produce, distribute, and consume goods and services, both at an individual and collective level.

Gross Domestic Product (GDP) is a common indicator of economic development that measures the monetary value of all final goods and services produced within a country over a specific period.

Greenwashing (or "green sheen") refers to misleading marketing strategies used by companies to appear more environmentally friendly than they actually are.

The tragedy of the commons describes a situation where individuals or nations overuse a shared resource for personal gain, causing long-term harm to the whole group.