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In economics, the term used to reflect whatever must be given up to obtain some item is called opportunity cost. Washington.. 1945Environmental economics and sustainable development / Mohan Munasinghe. or area or of the authorities thereof or concerning the delimitatiorLof its boundaries or its national affiliation. In a discussion on oligopoly research, Paul Joskow pointed out in 1975 that in practice, serious students of actual economies tended to use "informal models" based upon qualitative factors specific to particular industries.
Pages: 192
Publisher: Wiley-Blackwell; 1 edition (July 18, 2016)
ISBN: 1118717856
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Green Politics and Global Trade: Nafta. The opportunity cost is based on the knowledge that their are limited (finite) expenditures available, and money spent on one item can't be spent on another (trade offs), for obtaining any service, in this case a better environment. I shall not attempt to define "better" in this discussion, but will add this. There are studies available stating that this or that level of pollutant is harmful based on a study , source: The Role of Renewable Energy download epub
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Furthermore, it seems unreasonable that social policy should attend to extravagant preferences. Rather than responding to these objections and attempting to defend the view that preference satisfaction constitutes well-being, economists can blunt these objections by taking preferences in circumstances where people are self-interested and good judges of their interests to be merely good evidence of what will promote welfare (Hausman and McPherson 2009) , cited: Economic Equality and Fertility in Developing Countries (RFF Global Environment and Development Set)
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