Economics Environmental Externalities Questions
Sustainable development refers to the practice of meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. It involves balancing economic growth, social progress, and environmental protection to ensure long-term well-being for both current and future generations. Sustainable development aims to achieve a harmonious and sustainable relationship between economic development, social equity, and environmental conservation. It emphasizes the importance of considering the environmental impacts of economic activities and finding ways to minimize or mitigate negative externalities to ensure the long-term viability of natural resources and ecosystems.