Tamilnadu Samacheer Kalvi 12th Economics Notes Chapter 10 Environmental Economics Notes

→ The introductory part of this chapter deals with human activity and natural environment.

→ The concept of environmental economics is the subset of economics that is concerned with the efficient allocation of environmental resources.

→ Further, it discusses the linkage between economy and environment with the help of material balance model developed by Alen Kneese and R.V. Ayres.

→ The second part is concerned with different type’s pollutions like air, water, noise and land pollution and its cause, effects and various reduction strategies.

→ Again, it dealt with the important aspects of global warming, climate change, acid rain, e-waste and solid waste which are responsible for environmental degradation.

→ Finally, it also reflects the importance of sustainable development and its goals which are striving to achieve through mass programs like green initiatives, organic farming, tree plantation, seed ball and alkali farming.

→ However, today the problems are mounting in the form of industrial pollution, atmospheric emission, soil erosion and land degradation, deforestation and irreversible loss of biodiversity due to increasing greed of the rich people.

→ The underlying cause of environmental degradation in countries like India is failure of market and institutions, a factor which has not been adequately focused on corrective actions.

→ Also, pollutions are cross-border problems.

→ Unless all the countries simultaneously attempt to overcome the problem, global warming cannot be stopped.

→ The rich countries which have been the cause for global warming, should be brought into pay for the damages caused by them.

→ Acid Rain : The result of sulphur dioxide (S02) and nitrogen oxides (NOx) reacting in the atmosphere with water and returning to earth as rain, fog or snow.

→ Air Pollution : The presence of contaminant or pollutant substances in the air
that do not disperse properly and interfere with human health or welfare or produce harmful environmental effects.

→ Climate Change : Climate change refers to any significant change in temperature,
precipitation, or wind patterns that occur over several decades or longer.

→ Eco System : The interacting system of a biological community and its
nonliving environmental surroundings.

→ Ecology : The relationship of liv ing things to one another and their environment, or the study of such relationship.

→ Environment : Surroundings in which an organization operates, including air,
water, land, natural resources, flora, fauna, humans, and their interrelations.

→ Externalities : A situation in which an individual or firm takes an action but
does not bear all the costs (negative externality) or receive all the benefits (positive externality) costs or benefits that fall on third parties.

→ Global warming : The increase in temperature of the Earth’s surface, due to
green house gases.

→ Land Pollution : Land pollution is the deposition of solid or liquid waste
materials on land or underground in a manner that can contaminate the soil and groundwater, threaten public health and cause unpleasant conditions and nuisances.

→ Organic Farming : System of farming which uses animal manure, organic waste
and legumes reducing, the use of chemical fertilizers and pesticides.

→ Pollution : Residual discharges of contaminants in to the natural
environment to the air or water.

→ Solid Wastes : Non-liquid, non-soluble materials, ranging from municipal
garbage to industrial wastes that contain complex, and hazardous, substances. Solid wastes include sewage sludge, agricultural refuse, demolition wastes, and mining residues.

→ Sustainable Development : Development that meets the needs of the present generation
without compromising the ability of future generations to meet their own needs.

→ Water Pollution : The presence of harmful or objectionable material to damage
water quality.

Samacheer Kalvi 12th Economics Notes