World economyThe world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
OverexploitationOverexploitation, also called overharvesting or ecological overshoot, refers to harvesting a renewable resource to the point of diminishing returns. Continued overexploitation can lead to the destruction of the resource, as it will be unable to replenish itself. The term applies to various natural resources, such as water aquifers, grazing pastures and forests, wild medicinal plants, fish stocks, and other wildlife.
ConsumerismConsumerism is a socio-cultural and economic phenomenon in which the aspirations of many individuals include the acquisition of goods and services beyond those necessary for survival or traditional displays. In contemporary consumer society, the purchase and the consumption of products have evolved beyond the mere satisfaction of basic human needs, transforming into an activity that is not only economic but also cultural, social, and even identity-forming.
Natural environmentLand management has preserved the natural characteristics of Hopetoun Falls, Australia while allowing ample access for visitors.An image of the Sahara Desert from satellite. It is the world's largest hot desert and third-largest desert after the polar deserts.The natural environment or natural world encompasses all biotic and abiotic things occurring naturally, meaning in this case not artificial. The term is most often applied to Earth or some parts of Earth.
ConsumerA consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use.
Planned obsolescenceIn economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is the concept of policies planning or designing a product with an artificially limited useful life or a purposely frail design, so that it becomes obsolete after a certain predetermined period of time upon which it decrementally functions or suddenly ceases to function, or might be perceived as unfashionable.
Goods and servicesGoods are items that are usually (but not always) tangible, such as pens or pears. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.
Marginal utilityIn mainstream economics, marginal utility refers to the change in utility (pleasure or satisfaction resulting from the consumption) of one unit of a good or service. Marginal utility can be positive, negative, or zero. Negative marginal utility implies that every consumed additional unit of a commodity causes more harm than good, leading to a decrease in overall utility.
MicroeconomicsMicroeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics.Marginal costIn economics, marginal cost (MC) is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. Marginal cost is different from average cost, which is the total cost divided by the number of units produced.
Alcoholic beverageDrink with a substantial ethanol contentA selection of alcoholic drinks (from left to right): red wine, malt whisky, lager, sparkling wine, lager, cherry liqueur and red wineAlcoholic beverages and production relationshipsAn alcoholic beverage (also called an alcoholic drink or strong drink) is any drink that contains alcohol. Alcoholic beverages are typically divided into three classes: beers, wines, and spirits; with alcohol content typically between 3% and 50%.
Alcohol intoxicationAlcohol intoxication, commonly described in higher doses as drunkenness or inebriation, and known in overdose as alcohol poisoning, is the behavior and physical effects caused by recent consumption of alcohol. The technical term intoxication in common speech may suggest that a large amount of alcohol has been consumed, leading to accompanying physical symptoms and deleterious health effects. Mild intoxication is mostly referred to by slang terms such as tipsy or buzzed.*As an Amazon Associate I earn from qualifying purchases.