9 terms

Materials Economy -Terms

STUDY
PLAY
Extraction
taking or pulling out natural resources from the earth
Production
taking natural resources and turning them into something useful for humans
Distribution
movement/shipment of goods/ products to customers
Consumption
use of goods and services we need or want
Disposal
getting rid of waste—usually through dumping, burning, or by being recovered for recycling
Sustainability
Able to continue for a long period of time.
Decisions that have a long-term positive effect and no long-term negative effect.
Socio Economic status
It is often measured as a combination of education, wealth, and jobs.
It is related to different opportunities, different access to resources, plus issues related to privilege, prejudice, power and control.
Globalization
A process by which the world becomes interconnected as a result of trade and cultural exchange.
Hidden cost
Expenses that are not included in buying a product. ( equipment or machine, maintenance, supplies, training, labor cost)