Jacaranda Key Concepts In VCE Economics 1 Units 1 & 2

Page 483

“c08EconomicsAndTheEnvironment_PrintPDF” — 2022/6/6 — 17:03 — page 27 — #27

Based on the available data, global GDP growth since 1750 has averaged an impressive rise of 1.5 per cent per year. This has caused each successive generation to be one-third better off than the one before it. Put another way, while it took the global economy 6000 years prior to 1750 (the start of the industrial revolution) to double in size, since 1750 on average it has taken just 50 years! Meanwhile CO2 emissions have followed a similar exponential pattern when graphed against global GDP.

PA

G

E

PR

O

O

FS

However, there is a bit more to it than this. Not all output impacts environmental sustainability to the same extent. Take the following illustrative examples: • Products produced locally, rather than imported and transported across the world in ships and planes, have a lower impact on CO2 emissions and climate change. • Products that use renewable and biodegradable natural resources can be less damaging than those using non-renewable and non-biodegradable inputs. • Products that are single-use and then thrown away are clearly less sustainable than those that are more durable and can be repaired for further use. • Products whose demand is based on fashions that change and then are no longer wanted by their owners end up as waste where they are thrown into the environment. • The production of services tends to have lesser environmental impacts than goods that use natural resources and end up as waste in the tip where they may or may not be broken down by the environment. • The production and consumption of some foods like meat tend to have far greater negative impacts on the environment than plant-based foods. Some types of meats (e.g. beef) are also worse than others (lamb, chicken and fish). • Some types of goods can be recycled where inputs can be reused many times. They can help to create a far more sustainable circular economy with fewer environmental impacts.

N

CO RR EC

TE

D

So, to an extent, the environmental sustainability of growing the size of the global economy depends on the type of things we choose to produce.

The growth rate in global population affects environmental sustainability

U

There is a close relationship between the growth in the world’s population and the degree of environmental sustainability. Given the resources available, our finite planet can only support a certain number of people and allow them to maintain reasonable living standards. Figure 8.15 (part 1) shows that while global population numbers grew very slowly till about 1700, they have since taken off. In fact, it took about 600 years to double in size prior to 1534, 260 years to 1803, and just 48 years to 2022. This means that there are more needs and wants to satisfy from the increasingly scarce resources available. Figure 8.15 (part 2) shows population projections to 2100. All three scenarios or assumptions about population growth indicate that numbers are expected to keep rising till 2075 at the earliest, depending on which of the three projections (high, medium, low) is used. In other words, world population numbers will continue to put increasing pressure on environmental resources and sustainability. TOPIC 8 OPTION 4: Economics and the environment

27


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

8.8 Review

41min
pages 499-518

8.7 The responses by economic agents to improve environmental sustainability

28min
pages 488-498

8.4 The reasons why environmental sustainability is of importance to Australia and globally

3min
pages 472-475

8.3 Measures of the environmental sustainability of economic activity

23min
pages 459-471

8.5 The economic factors influencing the extent of environmental sustainability

16min
pages 476-482

8.6 Different perspectives about the issue of environmental sustainability

8min
pages 483-487

8.2 Definition and general nature of environmental sustainability

2min
pages 456-458

8.1 Overview

2min
pages 454-455

7.8 Review

40min
pages 437-453

7.7 The Australian government’s response to address inequality in the distribution of income and wealth

25min
pages 428-436

7.5 Economic factors affecting income and wealth inequality in Australia

14min
pages 414-422

7.6 Different perspectives about the distribution of income and wealth

10min
pages 423-427

7.4 The reasons why the distribution of income and wealth is an important issue

11min
pages 408-413

7.3 Measures of Australia’s distribution of income and wealth

19min
pages 397-407

7.2 Definition, nature and direction of income and wealth

5min
pages 393-396

7.1 Overview

1min
page 392

6.8 Review

25min
pages 380-391

6.7 Economic responses and government policies involving international trade

33min
pages 364-379

6.6 Different perspectives about the issue of international trade

13min
pages 357-363

6.5 The economic factors influencing international trade

10min
pages 351-356

6.4 The benefits of international trade for Australia and the global economy

7min
pages 346-350

6.3 Measurement of Australia’s international transactions

3min
pages 343-345

6.2 Definition, nature and direction of international trade

2min
pages 340-342

6.1 Overview

3min
pages 338-339

5.8 Review

35min
pages 322-337

5.7 The Australian government’s economic responses to address changes in the labour market

17min
pages 314-321

5.6 Different perspectives about the changing labour market

5min
pages 312-313

5.3 Measures of Australia’s changing labour market

23min
pages 290-301

5.5 The economic factors influencing changes in Australia’s labour market

13min
pages 304-311

5.2 Definition and nature of the labour market

5min
pages 286-289

5.1 Overview

2min
pages 284-285

4.16 Review

40min
pages 267-283

standards

7min
pages 256-259

4.13 The potential costs of economic growth

14min
pages 248-255

4.12 The potential benefits of economic growth

10min
pages 242-247

4.10 Aggregate supply — its meaning, importance and factors affecting its level and economic activity

19min
pages 231-237

4.11 The measurement of economic growth using changes in Gross Domestic Product (GDP

8min
pages 238-241

4.8 BACKGROUND KNOWLEDGE: Overview of factors that may affect Australia’s level of economic activity

2min
pages 221-222

4.9 Aggregate demand — its meaning, importance and factors affecting its level and economic activity

18min
pages 223-230

4.6 Types of economic indicators

7min
pages 215-218

4.5 The business cycle

5min
pages 213-214

4.4 The five-sector circular flow model

11min
pages 206-212

4.3 The meaning of material and non-material living standards

5min
pages 203-205

3.5 Review

30min
pages 180-197

3.4 The effectiveness of strategies used by businesses to influence consumer behaviour

22min
pages 168-179

3.1 Overview

1min
page 148

3.3 The effectiveness of strategies used by government to influence consumer behaviour

20min
pages 159-167

2.10 Review

40min
pages 128-147

2.9 Researching a contemporary Australian or global market

37min
pages 108-127

2.8 How changes in relative prices and profits affect Australia’s resource allocation

11min
pages 102-107

equilibrium price and quantity

31min
pages 90-101

2.3 BACKGROUND KNOWLEDGE: How markets make key economic decisions — the big picture

7min
pages 79-81

2.4 The law of demand and movements along the demand curve

7min
pages 82-84

2.5 The law of supply and movements along the supply curve

6min
pages 85-87

2.2 The nature of perfectly competitive and other types of markets in an economy

19min
pages 71-78

2.1 Overview

1min
page 70

1.9 Review

46min
pages 51-69

1.5 Decision making in different economic systems

30min
pages 24-36

1.4 Making economic decisions

22min
pages 14-23

1.3 The basic economic problem of relative scarcity

9min
pages 10-13

1.8 Governments and their role as economic agents

15min
pages 45-50

1.6 Consumers and their behaviour as economic agents

11min
pages 37-41

1.1 Overview

1min
pages 4-5

1.7 Businesses and their behaviour as economic agents

4min
pages 42-44

1.2 What is economics?

4min
pages 6-9
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.