Glossary of Terms
- Cap and trade – a market-based approach used to control pollution whereby producers (polluters) must by tradable permits.
- Carbon market – a market of willing buyers and sellers of permits to emit carbon dioxide and equivalent GHGs.
- Carbon tax – a tax on carbon and other GHG emissions.
- Common property – a form of tenure that defines a common group to have rights and responsibilities.
- Free riders – people who take advantage of a common resource, outcome, or collective good without paying for it.
- Fugacious resource – flowing or fleeting
- Greenhouse gases (GHGs) – any gas that contributes to the greenhouse effect known to cause global climate change
- Open access – a form of tenure whereby use of a resource is open to anyone
- Private property – a form of tenure whereby the use of a resource or property is held by an individual or private entity
- Production possibility frontier – a curve that demonstrates the highest combinations of the production of two goods
- Property rights – legal definition of how a resource or economic good is used and owned. Resources can be owned by (and hence be the property of) individuals, associations or governments. They define who has the right to use and benefits, the ability to transfer a resource, the right to divide a resource, the right to enforce ownership, the ability to exclude others, and the duration rights can be held.
- Public property – a form of tenure whereby a government has the right to dispose of resources or grant the use therein
- Quota – a fixed amount or supply
- Subsidy – a payment to an individual or business to support that business or to keep prices low
- Supply management – a form of market control whereby the supply of a good or service is fixed in order to increase price
- Tenure – ownership
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