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Biobased economy, bioeconomy or biotechonomy is an economic activity involving the use of biotechnology and biomass in the production of goods, services, or energy. The terms are widely used by regional development agencies, national and international organizations, and biotechnology companies.
Ecosystem services are ecologically mediated functional processes essential to sustaining healthy human societies. [6] Water provision and filtration, production of biomass in forestry, agriculture, and fisheries, and removal of greenhouse gases such as carbon dioxide (CO 2) from the atmosphere are examples of ecosystem services essential to public health and economic opportunity.
Although definitions of ecosystem management abound, there is a common set of principles which underlie these definitions: A fundamental principle is the long-term sustainability of the production of goods and services by the ecosystem; [52] "intergenerational sustainability [is] a precondition for management, not an afterthought". [43]
The concept ecosystem in economy and business stems from the ecosystem concept in ecology. Some environmentalists, however, have used "business ecosystems" as a way to talk about environmental issues as they relate to business rather than as a metaphor to describe the increasing complexity of relationships among companies.
A simple circular flow of income diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production. Once consumed, natural inputs pass out of the economy as pollution and waste.
Ecosystems sustain life-supporting functions and provide ecosystem services like biomass production (food, fuel, fiber, and medicine), the regulation of climate, global biogeochemical cycles, water filtration, soil formation, erosion control, flood protection, and many other natural features of scientific, historical, economic, or intrinsic value.
Primary production is the synthesis of organic material from inorganic molecules. Primary production in most ecosystems is dominated by the process of photosynthesis, In which organisms synthesize organic molecules from sunlight, H 2 O, and CO 2. [3]
According to the WBCSD definition, eco-efficiency is achieved through the delivery of "competitively priced goods and services that satisfy human needs and bring quality of life while progressively reducing environmental impacts of goods and resource intensity throughout the entire life-cycle to a level at least in line with the Earth's estimated carrying capacity". [6]