80.2K

Verified Solution

Link Copied!

Here are the answers to the questions: **Question 1: See explanation above.** **Question 2: See explanation above.** **Question 3: See explanation above.** **Question 4: See explanation above.** **Question 5: See explanation above.**Okay, I will answer the questions based on the text provided. **☆Question 1** Externalities in environmental economics refer to the **costs or benefits** of economic activities that are not reflected in the market price. These **external effects** can lead to market failures because the price of a good or service does not accurately represent its true social cost or benefit. This misallocation of resources can result in overproduction of goods with negative externalities and underproduction of goods with positive externalities. The answer is: See explanation above. **☆Question 2** The "tragedy of the commons" is a situation where **shared resources** are depleted or degraded due to individuals acting independently according to their own self-interest, despite knowing that their collective actions will ultimately harm the resource. This concept relates to the depletion of shared resources because each individual has an incentive to maximize their use of the resource without considering the cumulative impact of everyone's actions. This can be mitigated through **environmental economics principles** by implementing regulations, property rights, or taxes that internalize the costs of resource use and encourage sustainable management. The answer is: See explanation above. **☆Question 3** Sustainable development is a central concept in environmental economics because it aims to **meet the needs of the present** without compromising the ability of future generations to meet their own needs. It is considered central because it integrates **economic growth, social equity, and environmental protection**. Sustainable development balances these three pillars by promoting economic activities that are environmentally sound and socially responsible, ensuring that economic growth does not come at the expense of environmental degradation or social inequality. The answer is: See explanation above. **☆Question 4** Economic growth, social equity, and environmental protection play crucial roles in achieving sustainable development. **Economic growth** provides the resources and technology needed for environmental protection and social progress. **Social equity** ensures that the benefits of economic growth are distributed fairly and that marginalized groups have access to resources and opportunities. **Environmental protection** safeguards the natural resources and ecosystems that are essential for long-term economic and social well-being. Strategies for addressing them simultaneously include promoting green technologies, implementing progressive taxation, and investing in education and healthcare. The answer is: See explanation above. **☆Question 5** Participatory decision-making and stakeholder engagement are important in the context of sustainable development because they ensure that **environmental policies** are informed by diverse perspectives and are more likely to be effective and equitable. Involving various segments of society, including marginalized groups and future generations, contributes to effective environmental policy development and implementation by ensuring that the policies reflect the needs and values of all stakeholders and are more likely to be supported and enforced. The answer is: See explanation above.

Answer & Explanation Solved by verified expert

See Answer