Economics Environmental Externalities Questions
Ecosystem services refer to the benefits that humans obtain from ecosystems. These services can be categorized into four main types: provisioning services, such as food, water, and raw materials; regulating services, such as climate regulation and water purification; cultural services, such as recreational and spiritual benefits; and supporting services, such as nutrient cycling and soil formation. Ecosystem services are essential for human well-being and economic development, but they are often undervalued and overlooked in traditional economic systems. Recognizing and incorporating the value of ecosystem services is crucial for sustainable development and effective environmental management.