what is opportunity cost of modern economic development. How does economic development effect our environment
Answers
Answer:
The environmental impact of economic growth includes the increased consumption of non-renewable resources, higher levels of pollution, global warming and the potential loss of environmental habitats. ...
Explanation:
When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen."[2] In simple opportunity cost is the benefit not received as a result of not selecting the next best option. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". [3] The notion of opportunity cost plays a crucial part in attempts to ensure that scarce resources are used efficiently.