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A situation in which the allocation of goods and services by a free market is not efficient, often due to the presence of externalities, public goods, or monopoly power.

A good for which consumption by one individual does not reduce availability for others, which is characteristic of many environmental goods.

An interdisciplinary field that combines the study of ecological and economic systems, focusing on sustainability, ecosystem services, and the scale of economic activity relative to ecological constraints.

A market-based approach to controlling pollution by providing economic incentives for achieving reductions in the emissions of pollutants.

An accounting system that factors environmental costs into the financial results of operations, aiming to measure the use, depletion, and conservation of natural resources.

Regulatory approaches where the government sets specific limits for pollution emissions or mandates specific pollution control technologies.

A situation where shared environmental resources are overused and depleted because individual users pursue their own self-interest despite understanding that depleting the common resource is contrary to the group's long-term best interests.

The principle stating that those who produce pollution should bear the costs of managing it to prevent damage to human health or the environment.

Taxes imposed on activities that generate negative externalities, intended to correct an inefficient market outcome by being equal to the social cost of the negative externalities.

A survey-based economic technique for the valuation of non-market resources, such as environmental goods or services, where respondents state their willingness to pay for specific environmental changes.

A technique for comparing the benefits of an action against its associated costs, often used in policy assessment to evaluate environmental projects.

Legal rights to use, manage, and dispose of resources or property, which can significantly influence environmental outcomes based on how well they are defined and enforced.

The cost associated with reducing one additional unit of pollution or environmental harm, an important concept in environmental regulation and policy-making.

In environmental economics, a rate used to convert future costs and benefits to present values, reflecting the principle that people prefer to receive goods and services sooner rather than later.

A tax levied on activities that are harmful to the environment with the goal of internalizing environmental externalities and discouraging environmentally damaging behaviors.

A good that cannot feasibly be withheld from individuals who do not pay for it, making it difficult to charge users and typically leading to free-rider problems.

Economic techniques that infer the value of non-market environmental goods and services by observing individuals’ behavior in related markets, such as housing or travel expenditures.

A problem that occurs when individuals assume that others will pay for public goods so they can avoid paying for it themselves, which can lead to under-provision of those goods.

Economic side effects or consequences of commercial activities that are not reflected in market prices, affecting third parties who did not choose to incur that cost or benefit.